The Morning Call--Evaporating liquidity

 

The Morning Call

 

8/13/21

 

The Market

         

    Technical

 

            Thursday in the charts.

            https://www.zerohedge.com/markets/ppi-panic-sparks-big-tech-bid-small-caps-skid-crypto-crumble

 

            Multiple Hindenburg Omens.

            https://www.zerohedge.com/markets/where-theres-fire-theres-smoke

 

            What is the ten year Treasury note telling us?

            https://www.nytimes.com/2021/08/11/business/treasury-note-economy-wall-street.html

 

            A bond market peak?

            https://www.axios.com/corporate-bonds-record-low-yields-a5d1a446-574c-4d42-bf1a-7c2bb9b03230.html

 

            What volatility charts tell about the next spike.

            https://www.zerohedge.com/markets/haters-gonna-hate-what-volatility-charts-tell-us-about-next-big-spike

 

    Fundamental

 

       Headlines

 

              The Economy

 

                        US

 

                        International

 

The June EU trade balance was +E18.1 billion versus +E12.3 billion in May.

 

July German PPI was up 1.1% versus up 1.5% in June.

 

                        Other

 

                          One measure of global GDP not looking good.

                          https://politicalcalculations.blogspot.com/2021/08/world-gdp-still-shrinking-from.html#.YRVcw4hKiUk

 

            The Fed

 

              Liquidity is evaporating even before the Fed starts to taper.

              https://www.bloomberg.com/news/articles/2021-08-11/liquidity-is-evaporating-even-before-the-fed-taper-hits-markets?sref=loFkkPMQ

 

            Fiscal Policy

 

              Infrastructure spending: questions from the left.

              https://www.nakedcapitalism.com/2021/08/us-history-shows-spending-on-infrastructure-doesnt-always-end-well.html

 

              The Biden inflation bill.

              https://www.zerohedge.com/markets/biden-inflation-tax-made-clear-one-chart

           

            Inflation

 

              More analysis of Tuesday’s CPI number.

              https://econbrowser.com/archives/2021/08/inflation-deceleration-multiple-measures

 

              And.

              https://www.advisorperspectives.com/commentaries/2021/08/12/latest-cpi-validates-the-transitory-nature-of-inflation-spikes

           

              What impact will it have on Fed policy?

              https://www.reuters.com/business/fed-framework-gives-rise-mash-up-views-averaging-strategies-2021-08-12/

 

            China

 

              China’s latest regulatory masterplan.

              https://www.zerohedge.com/economics/wall-street-reacts-chinas-latest-regulatory-masterplan-which-spells-pain-next-five-years

 

    News on Stocks in Our Portfolios

 

 

 

What I am reading today

 

            Hanging by a thread.

            https://www.collaborativefund.com/blog/thread/

 

 

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