The Morning Call---Goldman capitulates

 

The Morning Call

 

9/23/22

 

 

The Market

         

    Technical

 

            Thursday in the charts.

            https://www.zerohedge.com/markets/global-hawknado-hammers-stocks-bonds-dollar

 

            The latest AAII survey.

            https://twitter.com/sentimentrader/status/1572914151915393026

 

            Why this has not been a great year for gold.

            https://www.wsj.com/articles/this-should-have-been-a-great-year-for-gold-heres-why-it-isnt-11663526294

 

    Fundamental

 

       Headlines

 

              The Economy

 

                        US

 

The August leading economic indicators fell 0.3% versus estimates of -0.1%.

                          https://www.advisorperspectives.com/dshort/updates/2022/09/22/cb-lei-sixth-consecutive-decline-in-july-recession-signal

                                                       

The September Kansas City Fed manufacturing index came in at 2 versus expectations of -10.

                          https://www.advisorperspectives.com/dshort/updates/2022/09/22/kansas-city-fed-mfg-survey-growth-decelerates-in-september

 

                        International

 

The September EU flash consumer confidence index was -28.8 versus projections of -25.8; September UK consumer confidence was -49.0 versus 42.0.

 

The September EU flash manufacturing PMI was 48.5 versus forecasts of 48.7; the flash services PMI was 48.9 versus 49.0; the flash composite PMI was 48.2, in line; the September German flash manufacturing PMI was 48.3 versus 48.5; the flash services PMI was 45.4 versus 47.2 the flash composite PMI was 45.9 versus 46.0; the September UK flash manufacturing PMI 48.5 versus 47.5; the flash services PMI was 49.2 versus 50.0; the flash composite PMI was 48.4 versus 49.0.

 

                        Other

 

                          Housing bubble woes.

https://www.nakedcapitalism.com/2022/09/housing-bubble-woes-home-prices-drop-3-5-steepest-monthly-drop-since-jan-2016--already-at- lockdown-levels-drop-further-active-listings-rise-further.html

 

The Fed

 

  What to watch as the Fed tightens.

  https://www.zerohedge.com/markets/here-are-some-things-fed-will-break-if-it-contains-inflation

 

  Say less, do more.

  https://www.zerohedge.com/markets/say-less-do-more-nomura-warns-central-bankers-global-equity-short-triggers-loom

 

     Bottom line

 

            More on valuation.

            https://blog.validea.com/revisiting-the-market-valuation-in-the-wake-of-this-years-decline/

 

            When will bonds be a buy?

            https://www.capitalspectator.com/when-will-bonds-become-a-buy/

 

            Goldman capitulates.

            https://www.zerohedge.com/markets/goldman-throws-towell-slashes-sp-price-target-3600-warns-recesion-crash-3150

 

    News on Stocks in Our Portfolios

 

FedEx press release (NYSE:FDX): FQ1 Non-GAAP EPS of $3.44 beats by $0.64.

Revenue of $23.2B (+5.5% Y/Y) misses by $580M.

 

What I am reading today

 

            America’s missing electricity generation capacity.

            https://politicalcalculations.blogspot.com/2022/09/americas-missing-electricity-generation.html#.YyyeUXbMKUk

 

            A new theory on Saturn’s rings.

            https://www.theatlantic.com/science/archive/2022/09/saturn-rings-missing-moon/671478/

 

 

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