The Morning Call---The mistake has been made

The Morning Call

 

6/17/22

 

 

The Market

         

    Technical

 

            Thursday in the charts.

            https://www.zerohedge.com/markets/swiss-spark-fed-hangover-stocks-huge-opex-looms-gold-jumps-dollar-dumps

 

Note: the S&P finished the day below the lower boundary of its intermediate term uptrend. If it remains there through the close on Tuesday, it will reset to a trading range---and likely signal more downside, at least to the 50% Fibonacci retracement level (~3507).

 

            Risk happens fast.

            https://www.priceactionlab.com/Blog/2022/06/risk-happens-fast-with-extreme-events/

 

    Fundamental

 

       Headlines

 

              The Economy

 

                        US

 

                        International

 

                          The May EU CPI was +0.8%, in line.

 

                        Other

 

                          Have consumers satisfied their pent up demand?

                          https://www.linkedin.com/feed/hashtag/?keywords=consumer

 

                          Winter warning from German official: shortages, bankruptcies, inflation.

                          https://www.zerohedge.com/commodities/winter-coming-german-agency-head-warns-gas-shortages-bankruptcies-and-massive-price

 

 

            The Fed

 

              The mistake has been made.

              https://www.pragcap.com/the-feds-policy-mistake-has-been-made/

 

  BofA dumps on the Fed forecast.

  https://www.zerohedge.com/economics/one-bank-throws-all-over-feds-latest-laughable-forecast

 

  Six takeaways from the Fed meeting.

  https://www.nytimes.com/2022/06/16/business/feds-rate-increase-takeaways.html

 

  The Fed’s problems are nothing compared to those of the Bank of Japan.

  https://www.zerohedge.com/markets/bond-meltdowns-next-driver-boj-policy-implosion

 

  ECB’s new QE plan leaks out.

  https://www.zerohedge.com/markets/eu-fragmentation-eases-details-ecb-bailout-plan-leak

 

  Bank of Japan maintains its ultra-easy monetary policy.

  https://www.zerohedge.com/markets/yen-tumbles-boj-refuses-change-ultra-easy-monetary-policy

 

            Recession

 

              One indicator of recession.

              https://econbrowser.com/archives/2022/06/so-you-think-we-might-be-in-a-recession-today

 

     Bottom line

 

            Five things to keep in mind in a bear market.

            https://blog.validea.com/five-things-to-keep-in-mind-during-bear-markets/

 

            Why the worst hit stocks still have more downside.

https://www.bloomberg.com/news/articles/2022-06-16/jim-chanos-on-why-some-of-the-worst-hit-stocks-still-have-a-long-way-down?srnd=premium#xj4y7vzkg&sref=loFkkPMQ

 

            Too late to sell, too early to buy.

            https://ritholtz.com/2022/06/too-late-to-sell-too-early-to-buy/

 

            Why Blackrock isn’t buying the dip.

            https://www.blackrock.com/us/individual/insights/blackrock-investment-institute/weekly-commentary

 

            The Fed pricked the everything bubble.

            https://www.wsj.com/articles/the-fed-pricked-the-everything-bubble-11655215752

 

    News on Stocks in Our Portfolios

 

Williams-Sonoma (NYSE:WSM) declares $0.78/share quarterly dividend, in line with previous

 

What I am reading today

 

           

                        Adam Smith’s legacy.

            https://www.adamsmith.org/blog/

 

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