The Morning Call--The truth about lockdowns

 

The Morning Call

 

8/30/22

 

 

The Market

         

    Technical

 

            Monday in the charts.

            https://www.zerohedge.com/markets/stocks-bonds-sink-post-powell-pain-continues

 

            The stock market wrecking ball.

            https://allstarcharts.com/wrecking-ball-22/

 

            Up or down?

            https://thereformedbroker.com/2022/08/29/is-this-chart-going-up-or-down/

 

            Part 2:

            https://www.advisorperspectives.com/commentaries/2022/08/29/the-bear-market-is-over-or-is-it-just-hibernating

 

            A weaker dollar ahead?

            https://www.zerohedge.com/geopolitical/dont-be-fooled-recent-strength-post-dollar-world-coming

 

    Fundamental

 

       Headlines

 

              The Economy

 

                        US

 

The August Dallas Fed manufacturing index came in at -12.9 versus estimates of -24.0.

                          https://www.advisorperspectives.com/dshort/updates/2022/08/29/dallas-fed-manufacturing-slows-in-august

 

                        International

 

                          The July Japanese unemployment rate was 2.6%, in line.

 

                          The preliminary August German CPI was +0.3%, in line.

 

The August EU consumer sentiment index was 97.6 versus forecasts of 98.0; the August industrial sentiment index was 1.2 versus 1.5; the August services sentiment was 8.7, in line; the August consumer confidence index was -24.9, also in line.

 

                        Other

 

                          For some perspective on growth and inflation.

                          https://www.themoneyillusion.com/is-it-morning-in-america/

 

Debating whether or not the US is in a recession has all the marks of a similar one about the number of angels dancing on the head of a pin. What difference does it make if the economy grew or shrunk by 0.2% last quarter? The point is that the economy is stalling.

https://www.wsj.com/articles/a-different-take-on-the-u-s-economy-maybe-it-isnt-really-shrinking-11661696041

 

                          Weekly economic growth data.

                          https://econbrowser.com/archives/2022/08/weekly-economic-indicators-thru-august-20

 

                          Demand destruction: two reasons to be skeptical.

                          https://blogs.cfainstitute.org/investor/2022/08/26/demand-destruction-two-reasons-to-be-skeptical/

 

                          Framing lumber prices up YoY.

                          https://www.calculatedriskblog.com/2022/08/update-framing-lumber-prices-up.html

 

                          Update on four high frequency economic indicators.

                          https://www.calculatedriskblog.com/2022/08/four-high-frequency-indicators-for_29.html

 

            The Fed

 

This article was written before Jackson Hole, but it is still a timely review of monetary policy.

https://scottgrannis.blogspot.com/2022/08/m2-says-fed-doesnt-need-to-crush-economy.html

 

            Fiscal Policy

 

              The student loan bailout is a terrible idea.

              https://thedispatch.com/p/the-student-loan-bailout-is-terrible?triedSigningIn=true

 

              And it is even worse than you think.

              https://marginalrevolution.com/marginalrevolution/2022/08/the-student-loan-giveaway-its-much-bigger-than-you-think.html

 

            Inflation

 

              Here is a decent attempt to deal with the magnitude of ‘embedded’ inflation issue.

              https://www.bloomberg.com/news/articles/2022-08-28/-inflation-fever-is-finally-breaking-but-central-banks-won-t-stop-hiking-rate?sref=loFkkPMQ

 

            The coronavirus

 

              Facing the truth about lockdowns.

              https://www.powerlineblog.com/archives/2022/08/facing-the-truth-about-lockdowns.php

 

     Bottom line

 

            Update on S&P revenues and earnings.

            https://www.yardeniquicktakes.com/s-p-500-revenues-earnings-at-record-highs/

 

    News on Stocks in Our Portfolios

 

 

 

What I am reading today

 

           

                        Four pieces of wisdom that lead to an enriched life.

            https://traderfeed.blogspot.com/2022/08/four-pieces-of-trading-wisdom-to-turn.html

 

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