The Morning Call
12/7/21
The
Market
Technical
Monday in the
charts.
https://www.zerohedge.com/markets/stocks-erase-payrolls-puke-bonds-battered-crypto-bounces-back
Not a bear market yet.
https://allstarcharts.com/not-a-bear-21/
But more bearish
sentiment.
https://www.linkedin.com/in/edward-yardeni/detail/recent-activity/
And more
depreciating breadth.
https://www.zerohedge.com/the-market-ear/chf8n33-zu
On the other hand……
https://www.zerohedge.com/the-market-ear/bubbles
Oil market hit by
hedge fund liquidations.
https://www.zerohedge.com/commodities/oil-market-hit-tsunami-hedge-fund-liquidations
Fundamental
Headlines
The
Economy
US
Q3 nonfarm
productivity was down 5.2% versus estimates of -4.9%; unit labor costs were
+9.6% versus +8.3%.
The October trade
balance was -$67.1 billion versus expectations of -$66.8 billion.
International
Q3 EU GDP growth was
reported at +2.2%, in line; Q3 unemployment change was +0.9%, also in line; December
economic sentiment was 26.8 versus 23.2.
October Japanese
household spending was up 3.4% versus consensus of +3.6%; October YoY cash
earnings were up 0.2% versus +0.7%; October preliminary leading economic indicators
were 102.1 versus 100.2.
The November Chinese
trade balance was $71.7 billion versus projections of $82.7 billion.
December German economic
sentiment came in at 29.9 versus forecasts of 29.1.
Other
Real wages through November.
https://econbrowser.com/archives/2021/12/real-wages-through-november
Goldman cuts 2022 GDP growth forecast.
https://www.cnn.com/2021/12/04/economy/goldman-sachs-us-gdp-omicron/index.html
Update on seven high frequency economic indicators.
https://www.calculatedriskblog.com/2021/12/seven-high-frequency-indicators-for.html
Housing inventory down last week.
https://www.calculatedriskblog.com/2021/12/housing-inventory-december-6th-update.html
The Fed
The Fed’s monetary
policy has screwed the average American.
https://www.zerohedge.com/markets/feds-monetary-policy-has-screwed-americans
The
coronavirus
A return to normalcy.
https://brownstone.org/articles/bidens-throat-frog-hints-at-the-coming-normalcy/
The precautionary principle is poison.
https://cafehayek.com/2021/12/the-precautionary-principle-is-poison.html
Bottom line
The latest from John Mauldin.
https://www.advisorperspectives.com/commentaries/2021/12/03/capital-excess
The latest from Morgan Stanley.
Investors
are setting themselves up for a fall.
https://www.ft.com/content/32e000cf-c95a-4940-8985-f67ca6170ae8
Focus on your portfolio
and stop worrying about everyone else’s.
https://allstarcharts.com/take-care-of-your-business/
Is
this how the story ends?
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