The Morning Call---Investors most overweight stocks since 2013

 

The Morning Call

 

11/17/21

 

 

The Market

         

    Technical

 

            Tuesday in the charts.

            https://www.zerohedge.com/markets/stocks-dollar-jump-bonds-bullion-bitcoin-dump

 

            Yields jumping this morning.

                _{https://www.zerohedge.com/markets/stocks-suddenly-slammed-yields-jump-1-mo-highs}

 

            Gold probes multi month highs.

            https://www.zerohedge.com/markets/gold-probes-multi-month-highs-inflation-drives-investor-interest-haven-assets

 

    Fundamental

 

       Headlines

 

              The Economy

 

                        US

 

Weekly mortgage applications declined 2.8% while purchase applications were up 1.5%

 

Month to date retail chain store sales grew at a slower pace than in the previous week.

 

October retail sales rose 1.7% versus consensus of +1.4%; ex autos, they were up 1.7% versus +1.0%.

                          https://www.advisorperspectives.com/dshort/updates/2021/11/16/retail-sales-up-1-7-in-october-16-3-yoy

 

October industrial production increased 1.6% versus estimates of +0.7%; capacity utilization was 76.4% versus 75.8%.

                          https://www.advisorperspectives.com/dshort/updates/2021/11/16/the-big-four-industrial-production-up-1-6-in-october

 

                          The November housing index came in at 83 versus projections of 80.

 https://www.advisorperspectives.com/dshort/updates/2021/11/16/nahb-housing-market-index-builder-confidence-up-on-strong-demand-even-as-supply-side-challenges-persist

 

                        International

 

September EU YoY construction output was up 1.5% versus forecasts of +0.5%; October CPI was +0.8%, in line.

 

October UK CPI was up 1.1% versus predictions of +0.8%; core CPI was +0.7% versus +0.4%; PPI was +1.1% versus +0.8%; core PPI was +0.7% versus +0.4%.

 

                        Other

 

            The Fed

 

              Bill Gross warns Fed has lured investors into Dreamland.

              https://www.zerohedge.com/markets/its-dangerous-bill-gross-warns-investors-have-been-lulled-dreamland-central-banks

 

            Fiscal Policy

             

              The good news and bad news about the fiscal stimulus.

              https://www.pragcap.com/three-things-i-think-i-think-fiscal-policy-did-it/

 

              The fallacy of the ‘it is not inflationary because it is paid for’ argument.

              https://gregmankiw.blogspot.com/2021/11/its-not-inflationary-because-its-paid.html

 

     Bottom line

 

            Investors most overweight stocks since 2013.

            https://www.zerohedge.com/markets/investors-most-overweight-us-stocks-2013-fund-manager-survey

 

    News on Stocks in Our Portfolios

 

What I am reading today

 

            The quiet art of adding insult to injury.

            https://www.nakedcapitalism.com/2021/11/the-ancient-art-of-adding-insult-to-injury.html

 

 

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