The Morning Call---Like nothing ever happened

 

The Morning Call

 

7/22/21

 

The Market

                   

    Technical

 

In yesterday’s pin action, the S&P regained the lower boundary of its short term uptrend, negating that break.  So once again, liquidity carries the day. ‘I can’t see an end to this uptrend as long as the money keeps flowing with abundance and in the absence of any major negative exogenous event.’ 

 

            Retail investors led the charge.

            https://www.zerohedge.com/the-market-ear/cwnhdr06y

 

            Bond investors apparently decided the stock boys had it right.  TLT had a huge gap down open, closing Monday’s gap up down---but still leaving a gap to be filled.  That said, it remains in a short term uptrend (lower rates).

            https://www.zerohedge.com/the-market-ear/cxhnx3elcl

 

    Fundamental

 

       Headlines

 

              The Economy

 

                        US

 

                         Weekly mortgage applications fell 4.0% while purchase applications                                 dropped 6.4%.

 

                          Weekly jobless claims totaled 419,000 versus predictions of 350,000.

 

                          Month to date retail chain store sales improved from the prior week.

 

The June Chicago Fed national activity index came in at 0.09 versus 0.26 in May.

 

                        International

 

The June Japanese balance of grade was +Y383.2 billion versus consensus of +Y460.0 billion

 

                        Other

 

            The Fed

 

              ECB leaves rates unchanged but forward guidance is a bit less dovish.

              https://www.zerohedge.com/markets/ecb-keeps-policy-unchanged-revises-forward-guidance

 

    News on Stocks in Our Portfolios

 

Johnson & Johnson (NYSE:JNJ): Q2 Non-GAAP EPS of $2.48 beats by $0.19; GAAP EPS of $2.35 beats by $0.31.

Revenue of $23.31B (+27.1% Y/Y) beats by $770M.

 

Canadian National Railway (NYSE:CNI): Q2 Non-GAAP EPS of C$1.49 beats by C$0.01; GAAP EPS of C$1.46 misses by C$0.01.

Revenue of C$3.6B (+12.1% Y/Y) misses by C$30M.

 

Canadian National Railway (NYSE:CNI) declares $0.615/share quarterly dividend, in line with previous.

 

AT&T (NYSE:T): Q2 Non-GAAP EPS of $0.89 beats by $0.09; GAAP EPS of $0.21 misses by $0.43.

 

Sherwin Williams (NYSE:SHW) declares $0.55/share quarterly dividend, in line with previous.

 

BlackRock (NYSE:BLK) declares $4.13/share quarterly dividend, in line with previous.

 

 

What I am reading today

 

           

 

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