The Morning Call
7/21/22
The
Market
Technical
Wednesday in the
charts.
https://www.zerohedge.com/markets/big-tech-bitcoin-jump-bonds-bullion-dump-housing-market-slumps
Are stocks
discounting peak inflation?
https://www.yardeniquicktakes.com/moving-averages/
From Goldman’s
trading desk.
https://www.zerohedge.com/markets/goldman-trading-desk-most-clients-are-hating-rally
Gold. What’s it
good for?
https://www.morningstar.com/articles/1102697/gold-shines-as-a-haven-in-2022
Oil tumbles.
https://www.zerohedge.com/energy/oil-tumbles-demand-falters-supply-fears-ease
Fundamental
Headlines
The
Economy
US
Weekly initial
jobless claims were reported at 251,000 versus projections of 240,000.
June existing home sales fell 5.4% versus estimates
of -1.8%.
https://www.advisorperspectives.com/dshort/updates/2022/07/20/existing-home-sales-down-5-4-in-june
The July
Philadelphia Fed manufacturing index came in at -12.3 versus consensus of 0.0.
International
The June Japanese trade
balance was Y-1383.8 billion versus consensus of Y-1509.7 billion,
Other
Inflation, gasoline, recession.
https://econbrowser.com/archives/2022/07/inflation-gasoline-recession
Update on Q2 GDP nowcast.
https://www.capitalspectator.com/us-q2-gdp-estimate-continues-to-slide-ahead-of-official-update/
Architecture billings show rising demand in
June.
https://www.calculatedriskblog.com/2022/07/aia-architecture-billings-index-shows.html
Saudi Arabia at
upper end of production capacity.
The
Fed
The Fed’s power was always an illusion.
The Fed’s
best case scenario.
In another
brilliant move by monetary authorities, the ECB raises rates while increasing
QE.
Fiscal Policy
The continuing saga of fiscal malfeasance by
our political class.
https://www.zerohedge.com/political/taibbi-great-american-military-rebrand
Inflation
The price of a pound of bread.
https://politicalcalculations.blogspot.com/2022/07/breadflation.html#.Ytg3sHbMKUk
Giant
corporations are not causing inflation.
https://www.advisorperspectives.com/commentaries/2022/07/20/giant-corporations-are-causing-inflation
Inflation climbs to 9.4% in Britain.
https://www.nytimes.com/2022/07/20/business/uk-inflation.html
Geopolitics
Russia resumes gas pipeline deliveries.
https://www.zerohedge.com/commodities/nord-stream-flows-resume-natural-gas-deliveries-europe
China
China’s mortgage boycott spreads.
Bottom line
Bernstein
disagrees with BofA’s bullish call.
Blackstone sees
Fed Funds rate at 5%.
News on Stocks in Our Portfolios
Sherwin
Williams (NYSE:SHW) declares $0.60/share quarterly dividend, in line with previous.
What
I am reading today
Reflections on
grief.
https://www.commentary.org/articles/joseph-epstein/grief-psychology-philosophy/
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for Survival’s website (http://investingforsurvival.com/home)
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