The Morning Call
6/4/21
The
Market
Technical
Thursday in the charts.
https://www.zerohedge.com/markets/dollar-spikes-most-9-months-meme-mania-dominates-markets
The most bearish
chart of the day.
https://www.zerohedge.com/the-market-ear/cdo-8mtpn
Fundamental
Headlines
The
Economy
US
The May final
services PMI was reported at 70.4 versus consensus of 70.1; the final composite
PMI was 68.7 versus 68.1.
The May ISM nonmanufacturing
index came in at 64 versus predictions of 63.
https://www.advisorperspectives.com/dshort/updates/2021/06/03/ism-services-may-all-time-high
May light vehicle sales
were 16.9 million units versus estimates of 18.0 million.
May nonfarm payrolls
were up 559,000 versus forecasts of 650,000; average hourly earnings were up
0.5% versus +0.2%.
International
April Japanese household
spending rose 1.1% versus expectations of -2.2%.
April EU retail
sales fell 3.1% versus projections of -1.2%.
The May EU
construction PMI was 50.3 versus 50.1 recorded in April; the UK May
construction PMI was 64.2 versus 62.3.
Other
The
Fed
The Fed says that it will begin winding down
its corporate bond purchases.
https://www.cnn.com/2021/06/02/business/federal-reserve-corporate-assets-program-pandemic/index.html
Biden’s
Plan
$2 trillion in
taxes, $6 trillion in spending, $22 trillion in borrowing. What could go wrong?
Biden signals willingness to alter tax plan.
Inflation
Shrinkflation.
Container ship charter rates ‘out of control’.
https://www.zerohedge.com/markets/container-ship-scores-charts-fantasy-charter-rate-135000day
Bottom line.
More on valuations.
Illusions of
safety.
https://humbledollar.com/2021/05/illusions-of-safety/
May dividend by
the numbers.
Your father’s
stock market is not coming back. I
include this because it is thought provoking not because I believe it.
This is not your
grandfather’s mania (note. This author as
well as the one immediately above both work for the same company.)
https://theirrelevantinvestor.com/2021/06/03/this-isnt-your-grandfathers-mania/
News on Stocks in Our Portfolios
What
I am reading today
The
real ‘Lord of the Flies’---very interesting read.
The geek in pictures.
https://www.powerlineblog.com/archives/2021/06/the-geek-in-pictures-keynesian-crime-wave-edition.php
Invisible sculpture sells for
$18,000. The emperor’s new clothes?
https://www.zerohedge.com/personal-finance/italian-artist-sells-invisible-sculpture-18000
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