The Morning Call
8/24/21
The
Market
Technical
Monday in the
charts.
https://www.zerohedge.com/markets/crypto-gold-oil-stocks-soar-dismal-data-dollar-dumps
What’s next?
https://www.zerohedge.com/the-market-ear/ccoyzkstjs
When the ducks are
quacking, feed them.
https://www.gmo.com/americas/research-library/bubble-signs-stock-issuance/
New highs on negative
breadth.
https://sentimentrader.com/blog/approaching-new-highs-on-negative-breadth/
The uptrend is so extended,
breaking it is not an option.
https://www.zerohedge.com/markets/failure-not-option
What do the credit
markets know that the stock market is ignoring?
https://www.zerohedge.com/markets/what-do-credit-markets-know-stocks-are-choosing-ignore
Most money market
rates slide below Fed reverse repo floor.
Fundamental
Headlines
The
Economy
US
Month to date retail chain store sales rose faster
than in the prior week.
July existing home sales were up 2.0% versus
estimates of a slight decline.
https://www.calculatedriskblog.com/2021/08/comments-on-july-existing-home-sales.html
The August flash
manufacturing PMI was 61.2 versus 62.5; the services PMI was 55.2 versus 59.5;
the composite PMI was 55.4 versus 58.3.
International
Q2 German GDP grew 1.6% versus expectations of
+1.5%.
Other
Global economic data disappointing experts.
https://www.ft.com/content/f8eaf88b-53f8-4b7f-a110-dcc5ad767c8c
The
Fed
What if QE is starting to fail?
Fiscal
Policy
The tradeoffs in
running the economy too hot (though that may not be a problem now).
https://www.nytimes.com/2021/08/23/upshot/biden-economy-analysis-inflation.html
These are your tax dollars.
Inflation
The shipping crisis is getting worse.
https://www.cnn.com/2021/08/23/business/global-supply-chains-christmas-shipping/index.html
Bottom line
Ignoring risk.
https://www.zerohedge.com/markets/fastest-bull-market-history-sp-500-doubles
The latest from
Morgan Stanley.
https://www.zerohedge.com/markets/morgan-stanley-us-consumer-headed-double-dip-recession
Buy businesses not
stocks.
https://www.advisorperspectives.com/commentaries/2021/08/20/buy-businesses-not-stocks
Touching the sky.
https://alephblog.com/2021/08/17/touching-the-sky/
News on Stocks in Our Portfolios
Bank of Nova Scotia (NYSE:BNS): FQ3
Non-GAAP EPS of C$2.01 beats by C$0.11; GAAP EPS of C$1.99.
Revenue
of C$7.76B (+0.4% Y/Y) misses by C$10M.
What
I am reading today
How
Marx was wrong.
https://www.adamsmith.org/blog/madsens-intelligence-squared-speech-on-karl-marx-april-2013
Why wouldn’t bitcoin go
to $100,000?
https://thereformedbroker.com/2021/08/23/ask-yourself-this-why-wouldnt-is-go-to-100000/
A
video tour of Mars.
http://econbrowser.com/archives/2021/08/video-tour-of-mars
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for Survival’s website (http://investingforsurvival.com/home)
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