The Morning Call
12/8/22
I have another early
morning. So, this note is early again.
The
Market
Technical
Wednesday in the
charts.
https://www.zerohedge.com/markets/bonds-bullion-jump-big-tech-buck-slump-black-gold-dumps
Note: the S&P
closed right on its 100 DMA. That doesn’t
signify a break; but it is the next worst thing. Let’s see if it holds.
Smells like
liquidation.
https://www.zerohedge.com/markets/smells-coordinated-stock-liquidations-equity-returns-are-night-day
Has the long bond
gotten ahead of itself?
https://www.zerohedge.com/the-market-ear/cdht7vrbk3
Three essential
elements of a trading ‘edge’.
https://traderfeed.blogspot.com/2022/12/the-three-essential-sources-of-your.html
Fundamental
Headlines
The
Economy
US
Weekly mortgage applications
fell 0.9% while purchase applications were down 3.0%.
Q3 nonfarm
productivity rose 0.8% versus expectations of +0.6%; unit labor costs were up
2.3% versus +3.1%.
International
Q3 EU GDP grew 0.3% versus estimates of +0.2%.
The preliminary October
Japanese leading economic indicators
came in at 99.0 versus predictions of 98.4.
October German
industrial production dropped 0.1% versus consensus of -0.6%.
The November Chinese
trade balance was $99.0 billion versus projections of $98.4 billion.
Other
US mortgage rates fall for fourth week in a
row.
Credit card debt hits all time high as savings
rate plummets.
Fiscal
Policy
Memo to congress: please stop spending money
that you don’t have.
https://scottgrannis.blogspot.com/2022/12/the-huge-problem-of-transfer-payments.html
Inflation
Don’t
underestimate inflation’s threat to the Fed’s credibility---the author has a
tad bit more confidence in the Fed’s courage than I do.
https://www.capitalspectator.com/dont-underestimate-inflation-threat-to-feds-credibility/#more-19259
Wholesale car prices down slightly in
November.
https://www.calculatedriskblog.com/2022/12/wholesale-used-car-prices-declined.html
Skyrocketing unaffordability of US new homes.
Recession
Recession expectations all over the place.
https://www.zerohedge.com/the-market-ear/behigh
Geopolitics
There has been a
lot of MSM news positing how poorly Russia is doing in Ukraine. Here is a counterpoint from a reporter with a
lot of knowledge and experience in Russia.
https://www.nakedcapitalism.com/2022/12/russias-general-patience-and-the-pause-that-refreshes.html
China
Xi folds.
Zero covid restrictions lifted.
https://www.nytimes.com/2022/12/07/world/asia/china-zero-covid-protests.html
Bottom line
The latest from
Howard Marks---long (as always) but worth the read.
https://www.advisorperspectives.com/commentaries/2022/12/07/what-really-matters
News on Stocks in Our Portfolios
General
Dynamics (NYSE:GD) declares $1.26/share quarterly dividend, in line with previous.
What
I am reading today
Do
you really need 24/7 financial advice?
https://ritholtz.com/2022/12/24-7-financial-advice/
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