The Morning Call---Upside vaccum at 3920

The Morning Call

 

11/1/22

The Market

 

    Technical

 

            Monday in the charts.

            https://www.zerohedge.com/markets/bonds-battered-bitcoin-bid-dow-soars-best-month-48-years

 

            The latest from JP Morgan’s trading desk.

            https://www.zerohedge.com/markets/jpm-wishing-market-lower-frustrating-holding-beach-ball-under-water

 

            Upside vacuum at 3920.

            https://www.zerohedge.com/the-market-ear/ceva9h-5x8

 

    Fundamental

 

              The Economy

             

                        US

                       

                          Month to date retail chain store sales grew faster than in the prior week.

                       

                          The October Chicago PMI came in at 45.2 versus projections of 47.0.

 

The  October Dallas Fed manufacturing index was reported at -19.4 versus consensus of -18.0.

                         https://www.advisorperspectives.com/dshort/updates/2022/10/31/dallas-fed-manufacturing-growth-outlook-worsens-in-october

 

                        International

 

The October Japanese manufacturing PMI was  50.7, in line; the October Chinese Caixin manufacturing PMI was 49.2 versus 49.0; the October UK manufacturing PMI was 46.2 versus 45.8.

           

                        Other

 

            The Fed

 

              The Fed’s problem with the jobs market.

              https://www.wsj.com/articles/the-feds-problem-with-the-job-market-11667189137

 

              Anticipating Wednesday’s FOMC meeting.

              https://www.zerohedge.com/markets/fridays-sucker-punch-rally-wednesdays-elephant-room-event-risk

 

            Fiscal Policy

 

              Treasury announces additional debt offerings.

              https://www.zerohedge.com/markets/yields-surge-session-high-after-treasury-unexpectedly-projects-it-will-issue-additional

 

            Inflation

 

              EU inflation hits record level.

              https://www.nytimes.com/2022/10/31/business/economy/eurozone-inflation-gdp.html

                 

              Year over year pace of rent increases continues to slow.

               https://www.calculatedriskblog.com/2022/10/year-over-year-pace-of-rent-increases.html

 

            Geopolitics

 

              Russian halts Ukraine grain deal.

              https://www.bbc.com/news/world-europe-63439760

 

    Bottom line

 

            The merits of diversification.

            https://www.tker.co/p/weekly-macro-diversification-big-tech-selloff

 

            The riskiest bonds look the best.

            https://allstarcharts.com/the-riskiest-bonds-look-best/

 

            A decade of no returns.

            https://www.advisorperspectives.com/commentaries/2022/10/31/druckenmiller-a-decade-of-no-returns

 

                Bullish on energy.

            https://www.advisorperspectives.com/commentaries/2022/10/28/turning-bullish-on-energy

 

            Three things dampening the pain of this bear market.

            https://theirrelevantinvestor.com/2022/10/30/three-things-dampening-the-pain/

 

            Current multiples argue for a lower stock market.

            https://www.morningstar.com/articles/1120726/why-stock-multiples-say-the-market-could-continue-to-drop

 

            The October lows, the end of the bear markets and what to do now.

            https://www.zerohedge.com/markets/october-market-lows-and-end-bear-markets

 

    News on Stocks in Our Portfolios

 

What I am reading today

 

            Spending is more than just a change in your bank balance.

            https://abnormalreturns.com/2022/10/31/spending-is-more-than-just-a-change-in-your-bank-balance/

 

 

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