The Morning Call
9/28/21
The
Market
Technical
Technically
speaking.
The only charts
that matter.
https://www.zerohedge.com/the-market-ear/cvsaioszlw
Charts to put on
your wall---2021 edition.
https://compoundadvisors.com/2021/put-these-charts-on-your-wall-2021-edition
The dollar’s
golden cross.
https://www.zerohedge.com/the-market-ear/cnq5msslfp
Fundamental
Headlines
The
Economy
US
Month to date retail chain store sales grew
slower than in the prior week.
The July Case Shiller home price index was up
1.5% versus +2.0% in June.
The August trade balance was -$87.6 billion versus
-$86.3 billion in July.
August durable
goods orders rose 1.8% versus estimates of +0.7%; ex transportation, they were
up 0.2% versus +0.5%.
https://www.zerohedge.com/economics/core-durable-goods-orders-disappoint-august
The September Dallas
Fed manufacturing index was reported at 4.6 versus 9.0 recorded in August.
International
July Japanese
leading economic indicators came in at 104.1 versus predictions of 104.2.
August Chinese YoY
industrial profits advanced 49.5% versus 57.3% in July.
October German consumer
confidence was +0.3 versus expectations of -1.8.
Other
Turmoil in the energy markets.
https://www.zerohedge.com/markets/all-hell-breaking-loose-energy-markets
Biden’s
Plan
Under Biden’s tax
plan, the number of corporations paying no taxes may actually go up.
Inflation
You are going to lose 5% of your purchasing power
this year.
http://scottgrannis.blogspot.com/
What to do in the case of sustained inflation.
https://www.gmo.com/americas/research-library/part-2-what-to-do-in-the-case-of-sustained-inflation/
Not the kind of inflation that the Fed wants.
https://www.zerohedge.com/markets/theres-inflation-central-banks-want-and-theres-inflation-we-get
China
Forget Evergrande, China has bigger problems.
https://www.advisorperspectives.com/commentaries/2021/09/27/connecting-the-dots-in-china
Bottom
line.
The author makes a
great case for equity overvaluation. The
one problem with the analysis is his statement that the Fed is not responsible
for lifting stock prices; then later on he laments (1) that Fed policy drives
bond valuation which is a key determinate of equity valuations and (2) all the ‘free
money’ in the system which to my way of thinking is what helps push stock
prices higher.
https://americanconsequences.com/dan-ferris-the-curtain-always-drops-on-the-kabuki-play/
What do you
do when rates are rising?
https://allstarcharts.com/whos-ready-for-rising-rates/
News on Stocks in Our Portfolios
FactSet Research Systems (NYSE:FDS): Q4 Non-GAAP EPS of $2.88 beats by $0.15; GAAP EPS
of $2.63 beats by $0.07.
Revenue
of $411.89M (+7.4% Y/Y) beats by $6.97M.
Hormel Foods (NYSE:HRL) declares $0.245/share quarterly dividend, in line with
previous.
What
I am reading today
Quote
of the day.
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