The Morning Call---Equity allocations at all time highs

 

The Morning Call

 

2/16/22

 

 

The Market

         

    Technical

                  

                   Tuesday in the charts.

                   https://www.zerohedge.com/markets/crude-crushed-stocks-surge-bitcoin-bid-us-russia-tensions-ease

 

                   Equity allocations at all-time high.

                   https://www.zerohedge.com/the-market-ear/cdsvoodly

 

    Fundamental

 

       Headlines

 

              The Economy

 

                        US

 

Weekly mortgage applications fell 5.4% while purchase applications were down 1.2%.

 

Month to date retail chain store sales grew more rapidly than in the prior week.

 

January retail sales jumped 3.8% versus expectations of +2.0%; ex autos, they were up 3.3% versus +0.8%.

https://www.zerohedge.com/personal-finance/us-retail-sales-exploded-higher-january-autos-online-spending-soar

         

                        International

 

December EU industrial production was up 1.2% versus estimates of +0.3%.

 

January Chinese CPI was +0.4% versus predictions of +0.5%.

 

January UK CPI was -0.1% versus consensus of -0.2%; the January retail price index was 0.0% versus -0.4%.

 

                        Other

 

                          Latest Q1 GDP growth nowcasts.

                          https://www.capitalspectator.com/us-growth-set-for-sharp-slowdown-in-early-q1-gdp-estimates/

 

                          Mortgage debt as a percentage of GDP.

                          https://www.calculatedriskblog.com/2022/02/the-housing-bubble-and-mortgage-debt-as.html

 

            Inflation

 

              Campbell’s tomato soup price explodes higher.

              https://politicalcalculations.blogspot.com/2022/02/campbells-tomato-soup-prices-explode.html#.YgvvE9_MKUk

 

  Inflation expectations on a one year horizon.

              https://econbrowser.com/archives/2022/02/inflation-expectations-at-1-year-horizon

 

            Geopolitics

 

              Some perspective on Ukraine---from the Russian point of view.

              https://contrarianedge.com/not-so-quiet-on-the-eastern-european-front/?unlocked

 

            The coronavirus

 

              EU bureaucrats demonstrate the folly of vaccine passports.

              https://www.nakedcapitalism.com/2022/02/the-uks-national-health-service-gives-a-masterclass-on-one-of-the-big-dangers-of-vaccine-passports.html

 

     Bottom line.

 

            A little optimism for the bulls.

            https://investorplace.com/2022/02/no-bear-on-the-horizon-but/?utm_source=rcm&utm_medium=editorial

 

    News on Stocks in Our Portfolios

 

 

 

What I am reading today

 

            A short history of the Peacock Throne and the jewels in contained.

            https://marginalrevolution.com/marginalrevolution/2022/02/heavy-wears-the-crown-and-the-kohinoor.html

 

            The limits of clean energy are becoming clear.

            https://www.nakedcapitalism.com/2022/02/limits-to-green-energy-are-becoming-much-clearer.html

 

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