The Morning Call
10/5/22
The
Market
Technical
Tuesday in the charts.
https://www.zerohedge.com/markets/stocks-bonds-bitcoin-bullion-jump-dollar-dumps
Note: two observations regarding yesterday's
pin action: (1) in addition to the S&P, about 75% of the stocks in our Portfolio
made gap up opens on the day; about 10% had two successive days of gap up opens.
That kind of action invariably reverses itself and those gaps get filled, (2) resistance
exists at ~3831 on the S&P which is the downtrend off its 8/16 trading high.
Until that level is successfully challenged, the current rally is nothing more
than a rally in a downtrend.
The jitters are
not gone.
https://www.zerohedge.com/markets/funny-thing-happened-under-surface-yesterdays-equity-market-melt
Fundamental
Headlines
The
Economy
US
Weekly mortgage applications
fell 14.2% while purchase applications were down 12.6%.
Month to date retail chain store sales grew
faster than in the prior week.
August job
openings (JOLTS) totaled 10.1 million versus predictions of 10.8 million.
https://www.advisorperspectives.com/dshort/updates/2022/10/04/august-job-openings-labor-turnover
August factory orders
were flat with July, in line; ex transportation, they were up 0.2% versus consensus
of -0.6%.
The August trade
balance was -$67.4 billion versus anticipated -$67.7 billion.
The September ADP
private payroll report showed an increase in jobs of 208,000 versus estimates
of 200,000.
International
The August German
trade balance was E0.6 billion versus forecasts of E7.3 billion.
The final
September Japanese services PMI came in at 52.2 versus projections of 51.0; the final composite PMI was 51.0 versus 50.9;
the final September German services PMI was 45.0 versus 45.4; the final
composite PMI was 45.7 versus 45.9; the
final September EU services PMI was 48.8 versus 48.9; the final composite PMI was
48.1 versus 48.2; the final September UK services PMI was 50.0 versus 49.2; the
final composite PMI was 49.5 versus 48.4.
September
UK YoY new car sales were up 4.6% versus expectations of +0.8%.
Other
Update on median household
income.
Update on business
cycle indicators.
https://econbrowser.com/archives/2022/10/business-cycle-indicators-at-octobers-start
Currency chaos in Asia.
https://www.nytimes.com/2022/10/04/business/asia-currency-dollar.html
Global manufacturing
PMI edges below 50.0.
https://www.pmi.spglobal.com/Public/Home/PressRelease/3760cf0d3e5f449dbfe06bdb7ca1933d
Fiscal
Policy
$600 million in covid fraud.
https://nypost.com/2022/10/02/how-600-billion-was-stolen-from-the-american-people/
Geopolitics
UN advisor shreds Ukraine narrative.
Bottom line
Peak pessimism?
https://alhambrapartners.com/2022/10/03/weekly-market-pulse-peak-pessimism/
Ray Dalio no longer
thinks that cash is trash.
IMF warns funds
with illiquid assets pose risk to financial stability.
https://www.ft.com/content/a0556d64-985d-4b2f-ad83-8196afc89a51
BofA warns of Bear
Stearns moment.
News on Stocks in Our Portfolios
What
I am reading today
Visit Investing
for Survival’s website (http://investingforsurvival.com/home)
to learn more about our Investment Strategy, Prices Disciplines and Subscriber
Service.
No comments:
Post a Comment