The Morning Call
5/26/22
The
Market
Technical
Wednesday in the
charts.
https://www.zerohedge.com/markets/stocks-soar-hawkish-fed-minutes-dismal-data
Note: the rally
yesterday carried the S&P above that downtrend off its April high (1)
marking a higher low and (2) closing above the prior lower high. That is the
first technical positive in over a month. Follow through.
Another analyst
that thinks that interest rates may be peaking.
https://www.capitalspectator.com/is-the-recent-rise-in-us-interest-rates-peaking/#more-18059
And one more.
https://alephblog.com/2022/05/25/changing-direction-slightly/
Fundamental
Headlines
The
Economy
US
Weekly jobless claims totaled 210,000 versus
estimates of 215,000.
The second
estimate of Q1 GDP growth was -1.5% versus predictions of -1.3%; the second
estimate of the price index was +8.1% versus +8.0%; the preliminary corporate profit
growth was -4.3% versus +0.5%.
International
Other
Watch what consumers do, not what they say.
https://www.ft.com/content/9e52ad0c-db50-4eef-a945-50f978b9937d
The
Fed
The FOMC released
the minutes from its latest meeting. I am not going to go through them because a
lot has changed since then that make the discussion somewhat obsolete. That
said, here they are for those who care.
https://www.zerohedge.com/economics/fomc-minutes-4
Inflation
Employment related inflation has peaked.
https://thereformedbroker.com/2022/05/25/employment-related-inflation-has-peaked/
Recession
The housing bubble is getting ready to pop.
Ed Yardini raised the odds of recession.
https://www.linkedin.com/feed/hashtag/?keywords=economy
Geopolitics
A different view of what is occurring in
Ukraine.
https://www.zerohedge.com/geopolitical/escobar-nato-vs-russia-what-happens-next
Bottom line.
What we should remember
about bear markets.
https://behaviouralinvestment.com/2022/05/24/what-we-should-remember-about-bear-markets/
Hedge funds brace
for $20 billion in redemptions.
Among investors,
recession now appears more of a concern than inflation.
Earnings math
catches up to tech highflyers.
News on Stocks in Our Portfolios
Bank of
Nova Scotia press release (NYSE:BNS): FQ2 Non-GAAP EPS of C$2.18 beats by C$0.22.
Revenue
of C$7.94B (+2.6% Y/Y) beats by C$70M.
Bank of
Nova Scotia (NYSE:BNS) declares CAD 1.03/share quarterly dividend, 3% increase from prior
dividend of CAD 1.00.
BlackRock (NYSE:BLK) declares $4.88/share quarterly dividend, in line with previous
Medtronic
press release (NYSE:MDT): FQ4 Non-GAAP EPS of $1.52 misses by $0.04.
Revenue of $8.09B (-1.2% Y/Y) misses by $340M.
Medtronic
(NYSE:MDT) declares $0.68/share quarterly dividend, 7.9% increase from prior
dividend of $0.63.
What
I am reading today
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