The Morning Call--More 'fine tuning' bulls**t

 

The Morning Call

 

11/29/22

 

The Market

         

    Technical

 

            Monday in the charts.

            https://www.zerohedge.com/markets/fed-hawk-quadruple-whammy-sends-stocks-bonds-gold-lower

 

            The level to watch in the S&P.

            https://www.zerohedge.com/the-market-ear/ckbdesiu6c

 

            Stocks are not pricing in recession.

            https://www.zerohedge.com/markets/us-recession-when-not-if

 

            Term spreads.

            https://econbrowser.com/archives/2022/11/maximum-auroc-term-spreads-as-of-11-25

 

            Oil needs to hold the 75/80 price level.

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

 

    Fundamental

 

       Headlines

 

              The Economy

 

                        US

 

The November Dallas Fed manufacturing index came in at -14.4 versus expectations of -20.9.

                            https://www.advisorperspectives.com/dshort/updates/2022/11/28/dallas-fed-manufacturing-growth-declines-in-november

 

                        International

 

The October Japanese unemployment rate was 2.6% versus predictions of 2.5%; October retail sales rose 4.3% versus +5.0%.

 

November EU economic sentiment was 93.7 versus estimates of 93.5; industrial sentiment was -2.0 versus -0.5; services sentiment was 2.3 versus 2.0; consumer confidence was -23.9, in line.

 

The preliminary  November German CPI was -0.5% versus consensus of -0.2%.

 

                        Other

 

                          Update on four high frequency economic indicators.

                          https://www.calculatedriskblog.com/2022/11/four-high-frequency-indicators-for_28.html

 

            The Fed

 

              What to expect from the upcoming Powell speech/FOMC meeting.

              https://www.bloomberg.com/news/articles/2022-11-28/powell-to-set-stage-for-slowing-fed-rate-hikes-amid-hawkish-tone?srnd=premium&sref=loFkkPMQ

 

              On the other hand, still more ‘fine tuning’ bulls**t.

              https://www.zerohedge.com/markets/stocks-slammed-after-bullard-says-market-too-dovish

 

 

            Inflation

 

              Why inflation is good for stocks.

              https://thereformedbroker.com/2022/11/25/past-performance/

 

            Recession

 

              Another sign of a weakening economy.

              https://www.zerohedge.com/personal-finance/us-bank-deposite-flight-not-sign-higher-rates-come

 

            The coronavirus

 

              What we know from Fauci’s seven hour deposition.

              https://brownstone.org/articles/faucis-7-hour-deposition-what-we-know-so-far/

 

     Bottom line

 

            Thoughts on investing.

            https://collabfund.com/blog/some-thoughts-on-investing-borrowed-and-not/

 

            Too soon to get bullish.

            https://www.advisorperspectives.com/commentaries/2022/11/28/more-bearish-market-action-before-the-bull-can-run

 

            Counterpoint.

            https://www.yardeniquicktakes.com/yield-spread-signaling-rate-peak/

 

    News on Stocks in Our Portfolios

 

• Bank of Nova Scotia press release (NYSE:BNS): Q4 Non-GAAP EPS of C$2.06 beats by C$0.09.
• Revenue of C$7.63B (-0.8% Y/Y) misses by C$380M.

             Bank of Nova Scotia (NYSE:BNS) declares CAD 1.03/share quarterly dividend, in line with previous.

 

 What I am reading today

 

            Best travel photos of 2022.

https://www.nationalgeographic.com/magazine/article/best-travel-photos-2022?rid=7912D7310BBCEE9B958D4BEDCFEC5AE5&cmpid=org%3Dngp%3A%3Amc%3Dcrm-email%3A%3Asrc%3Dngp%3A%3Acmp%3Deditorial%3A%3Aadd%3DDaily_NL_Monday_Travel_20221128&loggedin=true&rnd=1669669722667

                       

 

 

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