The Morning Call
6/3/21
The
Market
Technical
Wednesday in the
charts.
https://www.zerohedge.com/markets/reddit-rebels-rout-big-shorts-bonds-bitcoin-bullion-bid
Speculators bet
the farm on stocks.
https://www.zerohedge.com/markets/speculators-bet-farm-stocks
Markets
have never been so good.
https://www.zerohedge.com/markets/markets-have-never-had-it-so-good
Oil breaks out of
a trading range.
https://www.zerohedge.com/the-market-ear/cwk-91vont
Gold needs a
pause.
https://www.zerohedge.com/the-market-ear/cuxgfizism
Fundamental
Headlines
The
Economy
US
Weekly jobless claims totaled 385,000 versus predictions
of 390,000.
Q1 final nonfarm
productivity came in at 5.4% versus forecasts of 5.5%; unit labor costs rose
1.7% versus -0.4%.
The May ADP private
payroll report showed job increases of 978,000 versus expectations of 650,000.
https://www.zerohedge.com/personal-finance/adp-employment-surges-may-led-services-rebound
International
The May Japanese
final services PMI was 46.5 versus 49.5 in April; the final composite PMI was
48.8 versus 51.0 in April.
The May Chinese
Caixin final services PMI was 55.1 versus 56.3 in April; the final composite
PMI was 53.8 versus 54.7 in April.
The May German
final services PMI was 52.8, in line; the final composite PMI was 56.2, in line.
The May EU final
services PMI was 55.2 versus estimates of 55.1; the final composite PMI was 57.1
versus 56.9.
The May UK final
services PMI was 62.9 versus consensus of 61.8; the final composite PMI was 62.9
versus 62.0.
Other
April median household income.
Where is that boom?
https://alhambrapartners.com/2021/05/31/weekly-market-pulse-wheres-that-confounded-boom/
May regional Fed bank manufacturing indices
overview.
The
coronavirus
Tucker Carlson outs Fauci.
The
Fed
The Fed released
its last Beige Book which unsurprisingly noted improvement in economic activity
and mounting shortages in both goods and labor.
https://www.calculatedriskblog.com/2021/06/feds-beige-book-national-economy.html
Biden’s
Plan
Biden’s budget will lead to slower economic
growth.
https://www.zerohedge.com/economics/bidens-budget-plan-may-lead-us-weaker-growth-and-less-jobs
Inflation
Are investors lowering their inflation expectations?
https://www.wsj.com/articles/investors-inflation-bet-loses-some-steam-11622626202?mod=hp_lead_pos5
Inflation will be a shock.
https://www.zerohedge.com/markets/larry-fink-warns-inflation-will-be-pretty-big-shock
Bottom line.
More on the risks
to profit margins.
Lots of liquidity.
http://blog.yardeni.com/2021/06/lots-of-liquidity.html
Update
on valuation.
https://www.advisorperspectives.com/dshort/updates/2021/06/02/p-e10-is-the-stock-market-cheap
News on Stocks in Our Portfolios
What
I am reading today
A thought on the mood of
the American electorate.
An interesting quiz on crime in the
US.
https://www.nytimes.com/interactive/2021/06/02/upshot/crime-murder-trends-quiz.html
The benefits of meditation.
http://traderfeed.blogspot.com/2021/06/how-we-sabotage-our-trading.html
Visit Investing
for Survival’s website (http://investingforsurvival.com/home)
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