The Morning Call
12/17/21
The
Market
Technical
Thursday in the
charts.
https://www.zerohedge.com/markets/powell-pump-dumped-dollar-slumps-gold-jumps-0
The unraveling
(must read).
https://www.zerohedge.com/markets/unraveling
Fundamental
Headlines
The
Economy
US
November industrial
production was up 0.5% versus forecasts of up 0.7%; capacity utilization was
76.8%, in line.
The December flash
manufacturing PMI came in at 57.8 versus consensus of 58.5; the flash services
PMI was 57.5 versus 58.5; the flash composite PMI was 56.9 versus 57.4.
The December
Kansas City Fed manufacturing index was reported at 10 versus estimates of 21.
International
October EU YoY construction
output rose 4.4% versus projections of +2.3%; November new car registrations were
down 20.5% versus -17.0%; November CPI was +0.4% versus +0.5%.
November German
PPI was 0.8% versus expectations of 1.4%; the December business climate index
was 94.7 versus 95.3.
November UK retail
sales were up 1.4% versus predictions of +0.8%; ex fuel, they were up 1.1% versus
+0.8%.
Other
Update on big four economic indicators.
The
Fed
Another potential problem created by a cheap
money policy.
https://www.ft.com/content/67b625e7-87ab-478e-aca1-995f150e6b9c
For emphasis.
https://www.zerohedge.com/markets/fed-pivot-means-judgment-day-3200-corporate-zombies
Fiscal
Policy
Biden’s $2 trillion spending plan is not
happening---at least for now.
Inflation
When will inflation peak?
https://www.capitalspectator.com/still-waiting-for-inflation-to-peak/
The
coronavirus
Study shows
omicron variant more infectious but less severe than Covid---just like the Delta
variant.
Bottom
line
Update on future
stock returns (must read).
https://www.ft.com/content/67b625e7-87ab-478e-aca1-995f150e6b9c
News on Stocks in Our Portfolios
FedEx (NYSE:FDX): FQ2 Non-GAAP EPS of $4.83 beats by $0.54; GAAP EPS
of $3.88 misses by $0.21.
Revenue
of $23.5B (+14.1% Y/Y) beats by $1.08B.
AT&T (NYSE:T) declares $0.52/share quarterly dividend, in line with
previous.
What
I am reading today
Some
people’s capacity for self-destruction apparently has no end.
https://doomberg.substack.com/p/california-ditzkrieg
Six rules for avoiding market panic attacks.
https://tonyisola.com/2021/12/six-rules-for-avoiding-market-panic-attacks/
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for Survival’s website (http://investingforsurvival.com/home)
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