The Morning Call
11/30/21
The
Market
Technical
Monday in the
charts.
Technically
speaking.
https://www.zerohedge.com/markets/market-correction-santa-rally-has-started
Half of this year’s
big IPOs are trading below their listing price.
https://www.ft.com/content/4c68c37b-57ae-47b1-98dd-f4a815b3182d
Does oil know
something that equities don’t?
https://www.zerohedge.com/the-market-ear/cobgwjuoy8
Fundamental
Headlines
The
Economy
US
October pending home sales rose 7.5% versus
expectations of +0.9%
https://www.advisorperspectives.com/dshort/updates/2021/11/29/pending-home-sales-jump-in-october
Housing
inventory down
https://www.calculatedriskblog.com/2021/11/housing-inventory-nov-29th-update.html
The November Dallas
Fed manufacturing index came in at 11.8 versus predictions of 25.0.
International
The October Japanese
unemployment rate was 2.7% versus estimates of 2.8%; October preliminary
industrial production was +1.1% versus +1.8%; October YoY housing starts were
up 10.4% versus +2.2%; October YoY construction orders were +2.1% versus +2.0%.
The October
Chinese manufacturing PMI was 50.1 versus consensus of 49.6; the
nonmanufacturing PMI was 52.3 versus 52.0; the general PMI was 52.2 versus
50.5.
The October German
unemployment rate was 5.3%, in line.
The November EU
flash CPI was 0.5% versus projections of 0.1%.
Other
The
Fed
Powell testified before
the house yesterday. His comments sounded a bit dovish---which would not be
surprising given the Fed’s historic ‘on the one hand (the recent hawkish remarks
by other Fed officials), on the other hand (Powell’s comments)’ narrative.
https://www.zerohedge.com/markets/fed-chair-powell-swings-dovish-blames-omicron-uncertainty
The Fed is too easy but corporate profits
look great.
https://scottgrannis.blogspot.com/2021/11/the-fed-is-too-easy-but-profits-are.html
El Erian: The Fed should recognize the
inflation is not transitory.
The Fed’s failure.
https://alephblog.com/2021/11/19/an-estimate-of-the-future/
Fiscal
Policy
A detailed look at the house dem’s budget
bill.
https://www.nytimes.com/interactive/2021/11/18/upshot/whats-in-democrats-reconciliation-bill.html
The
coronavirus
If Fauci were a scientist.
https://coyoteblog.com/coyote_blog/2021/11/if-fauci-were-a-scientist.html
Top South African
doctor says the omicron variant no more harmful than the delta variant.
Moderna’s CEO cautions that its vaccine may not work for omicron
variant.
https://www.zerohedge.com/covid-19/markets-edge-after-moderna-ceo-repeats-vaccine-wont-work-omicron
Bottom line
Will the Fed
trigger the next financial crisis?
Counterpoint.
https://www.linkedin.com/in/edward-yardeni/detail/recent-activity/
News on Stocks in Our Portfolios
Bank of Nova Scotia (NYSE:BNS) declares CAD 1.00/share quarterly dividend, 11.1% increase from
prior dividend of CAD 0.90.
Bank of Nova Scotia (NYSE:BNS): Q4 Non-GAAP EPS of
C$2.10 beats by C$0.20; GAAP EPS of C$1.97.
Revenue
of C$7.69B (+2.5% Y/Y) misses by C$260M.
What
I am reading today
The insanity continues.
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for Survival’s website (http://investingforsurvival.com/home)
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