The Morning Call
9/30/22
The
Market
Technical
Thursday in the
charts.
https://www.zerohedge.com/markets/crash-just-wont-stop-today-something-changed
Note: despite all
the hair raising volatility, the S&P remains above the 6/13 low---which I inaccurately
called minor support. It has proven a stiff battle line so far. Could this be a
double bottom in the making? Perhaps, but I wouldn’t bet money on it
until/unless we get a strong bounce.
NASDAQ sitting on
200 DMA.
https://www.zerohedge.com/markets/nasdaq-selloff-brings-technology-gauge-back-long-term-average
Liquidity in the
credit markets is becoming a problem.
Signs are pointing
towards capitulation.
https://www.zerohedge.com/markets/signs-are-pointing-toward-equities-capitulation
Sanford Bernstein
says it has a short term buy signal.
https://www.zerohedge.com/the-market-ear/cwq2zio1q3
Goldman says
stocks are very oversold but there is more pain to come.
What is needed to
end this bear market.
https://www.zerohedge.com/markets/when-well-know-bear-market-over
Fundamental
Headlines
The
Economy
US
Weekly initial jobless claims totaled 193,000
versus forecasts of 215,000.
https://www.calculatedriskblog.com/2022/09/weekly-initial-unemployment-claims_29.html
Final Q2 GDP
growth came in at -0.6%, in line; core PCE was 4.7% versus 4.4%; corporate
profits were up 6.2% versus +9.1%.
August
personal income rose 0.3%, in line; August personal spending was +0.4%
versus +0.2%; the August PCE price index was up 0.3% versus +0.1%; August core PCE price index was up 0.6% versus
up 0.5%.
International
Final Q2 UK GDP growth was +0.2% versus
estimates of -0.1%.
The August
Japanese unemployment rate was 2.5%, in line; preliminary August industrial
production was 2.7% versus 0.2%; August retail sales were up 1.4% versus +0.6%;
August YoY housing starts were up 4.6% versus -4.0%; August YoY construction
orders were up 17.9% versus +1.1%; September consumer confidence was 30.8
versus 34.0.
The August EU
unemployment rate was 6.6%, in line; the September flash CPI was 1.2% versus
1.0%.
The September
Chinese manufacturing PMI was reported at 50.1 versus predictions of 49.6; the
September nonmanufacturing PMI was 50.6 versus 52.8; the September composite
PMI was 50.9 versus 52.0; the September Caixin (small business) manufacturing
PMI was 48.1 versus 49.5.
The September
German unemployment rate was 5.5%, in line.
Other
Developing nations face stiff economic
headwinds.
Inflation
Return of inflation makes government deficits
more dangerous.
https://www.wsj.com/articles/the-return-of-inflation-makes-deficits-more-dangerous-11664366538
Geopolitics
The problem with politicians.
https://unherd.com/2022/09/the-eu-is-sleepwalking-into-anarchy/
More speculation on the Nord Stream II
pipeline explosion.
OPEC+ considering major production cut.
https://www.zerohedge.com/commodities/oil-rises-opec-considering-substantial-production-cut
Russia annexes eastern Ukraine.
https://www.zerohedge.com/geopolitical/watch-live-putin-declares-annexation-eastern-ukraine
Bottom line
Dividend watch.
News on Stocks in Our Portfolios
Nike press release (NYSE:NKE): FQ1 GAAP EPS of $0.93 beats by $0.01.
Revenue
of $12.69B (+3.6% Y/Y) beats by $410M.
EOG
Resources (NYSE:EOG) declares $0.75/share quarterly dividend, in line with previous.
What
I am reading today
Engaging with
history.
https://collabfund.com/blog/engaging-with-history/
Visit Investing
for Survival’s website (http://investingforsurvival.com/home)
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