The Morning Call--Back in oversold territory

 

The Morning Call

 

9/1/22

 

 

The Market

         

    Technical

 

Wednesday in the charts.

https://www.zerohedge.com/markets/august-hawk-nado-hammers-stocks-bonds-commodities-crypto

 

Stocks again in oversold territory.

https://www.zerohedge.com/the-market-ear/oversold

 

Hello, QT.

https://www.zerohedge.com/the-market-ear/c8nnufipbd

 

            ‘King’ dollar surges.

            https://www.ft.com/content/66d3b448-ef54-4579-b09d-304ca35dcdf2

 

    Fundamental

 

       Headlines

 

              The Economy

 

                        US

 

Weekly initial jobless claims totaled 232,000 versus expectations of 245,000.

 

Q2 nonfarm productivity fell 4.1% versus forecasts of -4.5%; unit labor costs were up 10.2% versus +10.7%.

 

                          The August Chicago PMI came in at 52.2 versus consensus of 52.0.

                          https://www.advisorperspectives.com/dshort/updates/2022/08/31/chicago-pmi-mostly-unchanged-in-august

 

                        International

 

                          July German retail sales rose 1.9% versus estimates of 0.0%.

 

The August Japanese manufacturing PMI was reported at 51.5 versus predictions of 51.0; the August Chinese Caixin manufacturing PMI was 49.5 versus 50.2; the August German manufacturing PMI was 49.1 versus 49.8; the August UK manufacturing PMI was 47.3 versus 46.0; the August EU manufacturing PMI was 49.6 versus 49.7.

 

                        Other

                         

                          Update on average personal income per capita.

                          https://politicalcalculations.blogspot.com/2022/08/average-earned-personal-income-grows-in.html#.Yw-cWnbMKUk

 

                          There is no alternative country.

                          https://www.yardeniquicktakes.com/europeans-are-in-a-foul-mood/

                         

             The Fed

 

               The Fed needs reforming (must read).

               https://www.zerohedge.com/economics/feds-tough-year

 

            Fiscal Policy

 

              The consequences of student loan forgiveness.

              https://www.aier.org/article/three-unintended-consequences-of-student-loan-forgiveness/

 

              Nassim Taleb blasts student loan bailout.

              https://www.zerohedge.com/political/middle-class-parents-were-tricked-fleeced-nassim-black-swan-taleb-says-colleges-not

 

            Inflation

 

              Real housing prices declined in June.

              https://www.calculatedriskblog.com/2022/08/inflation-adjusted-house-prices.html

 

            Geopolitics

 

              Deal or no deal?

              https://www.zerohedge.com/geopolitical/western-allies-led-uks-johnson-sabotaged-tentative-ukraine-russia-peace-deal

 

              Taiwan shoots down Chinese drone.

              https://www.zerohedge.com/geopolitical/taiwan-shoots-down-intrusive-civilian-drone-chinas-coast

 

            China

 

              China lockdowns another major city.

              https://www.zerohedge.com/markets/china-puts-megacity-chengdu-under-lockdown-zero-covid-intensifies

 

     Bottom line

 

            Buying when there is blood in the streets.

            https://www.advisorperspectives.com/commentaries/2022/08/31/buy-stocks-now-when-its-time-you-wont-want-to

 

            A warning from Jeremy Grantham.

            https://www.zerohedge.com/markets/prepare-epic-finale-jeremy-grantham-warns-stock-market-super-bubble-has-yet-burst

 

    News on Stocks in Our Portfolios

 

Hormel Foods press release (NYSE:HRL): FQ3 GAAP EPS of $0.40 misses by $0.01.

Revenue of $3.03B (+5.9% Y/Y) beats by $30M.

 

What I am reading today

 

            Is it safe?

            https://betonit.substack.com/p/safe-sounds-good

 

 

Visit Investing for Survival’s website (http://investingforsurvival.com/home) to learn more about our Investment Strategy, Prices Disciplines and Subscriber Service.