The Morning Call
10/22/21
The
Market
Technical
Thursday in the
charts
https://www.zerohedge.com/markets/bitcoin-bonds-black-gold-big-caps-slide-trump-truth-spac-soars
Fundamental
Headlines
The
Economy
US
September existing home sales rose 7.0% versus
consensus of +3.5%.
https://www.advisorperspectives.com/dshort/updates/2021/10/21/existing-home-sales-up-7-in-september
September leading economic
indicators were up 0.2% versus predictions of +0.4%.
International
September Japanese
CPI came in at +0.4% versus -0.2% in August; the October flash manufacturing PMI
was 53.0 versus expectations of 51.5; the October flash services PMI was 50.7
versus 47.8; the October flash composite PMI was 50.7 versus 47.9.
September UK retail
sales declined 0.2% versus consensus of+0.5%; ex fuel, they were -0.6% versus
+0.2%; The October flash manufacturing PMI was 57.7 versus 55.8; the October
flash services PMI was 58.0 versus 54.4; the October composite PMI was 56.8
versus 54.0.
The October German
flash manufacturing PMI was 58.2 versus estimates of 56.5; the October flash
services PMI was 52.4 versus 55.0; the October flash composite PMI was 52.0
versus 54.0.
The October EU
flash manufacturing PMI was 58.5 versus forecasts of 57.0; the October flash
services PMI was 54.7 versus 55.5; the October flash composite PMI was 54.3
versus 55.2.
Other
Fair trade is a myth.
https://www.aier.org/article/fair-trade-is-still-a-fraud/
Our political class’s failure to admit
failure.
https://brownstone.org/articles/the-rationing-is-already-here/
Economic progress
is about destroying (some) jobs.
https://www.adamsmith.org/blog/rather-missing-the-point-about-economic-development
Stats on job quitters.
https://www.linkedin.com/in/edward-yardeni/detail/recent-activity/
LA port traffic.
https://www.calculatedriskblog.com/2021/10/la-area-port-traffic-solid-imports-weak.html
Median house price growth decelerating.
https://www.calculatedriskblog.com/2021/10/median-house-price-growth-decelerated.html
The Fed
Will the slowing economy delay tapering?
https://www.capitalspectator.com/will-slowing-economic-growth-delay-feds-tapering/#more-16899
Biden’s
Plan
Biden’s plan is a lot more expensive than
$3.5 trillion.
https://www.nytimes.com/interactive/2021/10/20/upshot/democrats-trim-reconciliation-bill.html
Inflation
Latest stats on food prices.
Nickel prices hit
seven year high.
https://www.zerohedge.com/commodities/nickel-prices-jump-seven-year-high-supply-woes-mount
Used car
prices hit record high.
https://www.zerohedge.com/markets/used-car-prices-hit-record-high-next-cpi-expected-soar
Inflationary
storm forces Unilever to raise prices.
The case for transitory inflation.
https://ritholtz.com/2021/10/inflation-inputs/
The
coronavirus
Fauci lied again.
Bottom line.
I haven’t linked
to a John Hussmann Market critique lately.
But with the equities at historically high valuations, I thought a
review of his valuation math would be helpful.
https://www.advisorperspectives.com/commentaries/2021/10/21/the-wealth-is-in-the-denominator
Thiel weighs in on
bitcoin.
News on Stocks in Our Portfolios
Johnson & Johnson (NYSE:JNJ) declares $1.06/share
quarterly dividend, in line with previous.
What
I am reading today
More background
on how crypto currencies work. If you own
a crypto currency, you need to read this.
https://slate.com/technology/2021/10/tether-crypto-danger-ben-mckenzie.html
More data showing the failure of our
education system.
The use and misuse of anger.
https://www.nakedcapitalism.com/2021/10/more-on-the-use-and-misuse-of-anger.html
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