The Morning Call
7/7/22
The
Market
Technical
Wednesday in the
charts.
Regression to
trend.
The most important
piece of information for traders.
https://traderfeed.blogspot.com/2022/07/the-most-important-piece-of-information.html
The latest reading
of the Smart Money Index.
https://www.advisorperspectives.com/commentaries/2022/07/06/smart-money-investing-signals
Visualizing short
term stock performance.
https://www.tker.co/p/sp-500-intra-year-max-drawdowns
Fundamental
Headlines
The
Economy
US
Weekly
mortgage applications fell 5.4% while purchase applications were down 4.3%.
Weekly
initial jobless claims totaled 235,000 versus estimates of 230,000.
Month
to date retail chain store sales grew faster than in the prior week.
May
factory orders were up 1.6% versus consensus of +0.5%; ex transportation, they were
up 1.7% versus +0.5%.
The
May job openings report (JOLTS) showed a total of 11.3 million available jobs
versus projections of 11.0 million.
The
May balance of trade was -$85.5 billion versus forecasts of -$84.9 billion.
The
June final services PMI was 52.7 versus expectations of 51.6; the final
composite PMI was 52.3 versus 51.2.
The
June ISM nonmanufacturing index was reported at 55.3 versus predictions of
54.3.
International
May German factory
orders were up 0.1% versus consensus of -0.6%; May German industrial production
was up 0.2% versus +0.4%; the May balance of payments was E+0.5 billion versus
E+1.2 billion.
May EU PPI came in
at +0.7% versus estimates of +1.1%; May retail sales increased 0.2% versus
+0.4%.
The May Japanese
preliminary leading economic indicators reading was 101.4 versus forecasts of
101.0.
The June Japanese final
services PMI was 54.0 versus expectations of 54.2; the June final composite PMI
was 53.0 versus 53.2; the June final Chinese Caixin services PMI was 54.5
versus 49.1; the June final composite was 55.3 versus 50.0; the June EU final
services PMI was 53.0 versus 52.8; the June final composite PMI was 52.0 versus
51.9; the June final UK services PMI was 54.3 versus 53.4; the June final
composite PMI was 53.7 versus 53.1.
The June EU
construction PMI was 47.0 versus forecasts of 49.7; the June German construction
PMI was 45.9 versus 46.2; the June UK construction PMI was 52.6 versus 55.0.
Other
Vehicle sales per capita.
The
Fed
Yesterday, the FOMC
released the minutes of its latest meeting---which showed it more concerned
about inflation than recession.
https://www.zerohedge.com/markets/fomc-minutes-0
Recession
Recession watch.
https://www.zerohedge.com/markets/recession-watch-it-time-buy-10-year-treasuries
Wall Street says a
recession is coming, consumers say that it is already here.
The
bond market thinks it is coming.
https://www.ft.com/content/5795f52f-36e0-45a5-bed6-f939e5535814
Goldman believes that the odds of it coming
are rising.
https://www.zerohedge.com/markets/goldman-world-brink-rather-severe-recession
A little
perspective, please.
https://alhambrapartners.com/2022/07/04/weekly-market-pulse-things-that-need-to-happen/
Inflation
Accelerating inflation in Asia putting pressure
on central banks to raise rates.
China
China prepares $220 billion stimulus package.
News on Stocks in Our Portfolios
CVS Health (NYSE:CVS) declared $0.55/share quarterly dividend, in line with previous
What
I am reading today
The capitalist kibbutz.
The broker who saved America.
https://thereformedbroker.com/2022/07/04/the-broker-who-saved-america-10/
Visit Investing
for Survival’s website (http://investingforsurvival.com/home)
to learn more about our Investment Strategy, Prices Disciplines and Subscriber
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