The Morning Call---Another gem from our political class

 

The Morning Call

 

5/20/22

 

 

The Market

         

    Technical

 

            Thursday in the charts.

            https://www.zerohedge.com/markets/bitcoin-bonds-bullion-jump-dollar-dumps-after-dismal-data

 

            Volatility is here.

            https://econbrowser.com/archives/2022/05/five-years-of-sp-500-daily-changes

 

            Expect more May volatility.

            https://jeffhirsch.tumblr.com/post/684540417954463744/expect-more-may-market-volatility

 

            Massive momentum shifts will occur during upcoming semiannual rebalancing.

            https://www.zerohedge.com/markets/massive-momo-shuffle-may-mean-more-tech-wrecks-bank-beatdowns-come

 

            Market liquidity is at record low levels.

            https://www.zerohedge.com/the-market-ear/ceczgrkf7w

 

            Margin debt down in April.

            https://www.advisorperspectives.com/dshort/updates/2022/05/18/margin-debt-down-3-3-in-april

 

            Consumer sentiment versus stock market returns.

            https://ritholtz.com/2022/05/sentiment-lol/

 

            Is it gold’s time to shine?

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

 

    Fundamental

 

       Headlines

 

              The Economy

 

                        US

 

                          Weekly jobless claims totaled 218,000 versus expectations of 200,000.

 

                          April existing home sales fell 2.4% versus consensus of -2.5%.

                          https://www.calculatedriskblog.com/2022/05/nar-existing-home-sales-decreased-to.html

 

The April leading economic indicators dropped 0.3% versus estimates of 0.0%.

 

The May Philadelphia Fed manufacturing index came in at 2.6 versus predictions of 16.0.

 

                        International

 

                          April Japanese CPI was up 0.4% versus predictions of +0.2%.

 

                          April German PPI was up 2.8% versus projections of +1.4%.

 

April UK retail sales were up 1.4% versus forecasts of -0.2%; May consumer confidence was -40 versus -39.

 

                        Other

 

            The Fed

 

              How high could rates go?

              https://www.zerohedge.com/markets/fed-has-crossed-hard-landing-rubicon-so-how-high-will-it-hike-one-bank-crunches-numbers

 

            Inflation

 

              The case for peak inflation.

              https://time.com/6176658/inflation-fear-economy/

 

              57% of CEO’s predict a recession.

              https://www.ibtimes.com/57-ceos-predict-us-will-enter-recession-business-conditions-worsen-3512204

 

              Yet another gem from our political class.

              https://www.zerohedge.com/markets/should-set-alarm-bells-across-all-industries-house-passes-fuel-price-gouging-bill

 

            China

 

              China warns US over Taiwan.

              https://www.bloomberg.com/news/articles/2022-05-19/china-warns-us-a-dangerous-situation-is-forming-over-taiwan?sref=loFkkPMQ

 

     Bottom line.

 

            More guidance for your capitulation playbook.

            https://ritholtz.com/2022/05/capitulation-playbook/

 

    News on Stocks in Our Portfolios

 

Home Depot (NYSE:HD) declares $1.90/share quarterly dividend, in line with previous

 

Altria (NYSE:MO) declares $0.90/share quarterly dividend, in line with previous

 

What I am reading today

 

            A stunning archeological find in eastern Turkey.

            https://www.spectator.co.uk/article/does-an-unknown-extraordinarily-ancient-civilisation-lie-buried-under-eastern-turkey-

 

 

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