The Morning Call
1/18/23
The
Market
Technical
Tuesday in the
charts.
The pain trade is
higher.
https://www.zerohedge.com/markets/pain-trade-higher-now
The fall of the
dollar is about more than just interest rates.
https://www.ft.com/content/4de92f95-9bd6-487d-822c-e3872f2f8da4
Fundamental
Headlines
The
Economy
US
Weekly mortgage
applications rose 27.9% while purchase applications were up 24.7%.
December PPI was reported
down 0.5% versus expectations of -0.1%; core PPI was +0.1%, in line.
https://www.zerohedge.com/personal-finance/us-producer-prices-plunge-most-covid-lockdowns
December retail
sales declined 1.1% versus predictions of -0.8%; ex autos, they were down 1.1%
versus -0.4%.
International
November Japanese
machinery orders fell 8.3% versus forecasts of -0.9%; November industrial
production was up 0.2% versus -0.1%.
December UK CPI
came in at +0.4%, in line; core CPI was +0.5% versus +0.4%.; December EU CPI
was -0.4% versus -0.3%.
Other
House prices will
likely fall further.
https://www.advisorperspectives.com/commentaries/2023/01/17/home-prices-will-likely-fall-further
The
Fed
How the Fed redistributed wealth and
encouraged bad corporate behavior.
https://reason.com/2023/01/15/the-everything-bubble/
The EU governments
have been much more fiscally irresponsible than the US and the ECB has
historically been far more cowardly than the Fed. So small wonder that rumors are flying of a
less hawkish approach to monetary policy.
https://www.zerohedge.com/markets/stocks-spike-report-ecb-slow-hikes-after-february
But here is the official story line.
https://www.nytimes.com/2023/01/16/business/core-inflation-europe-eurozone.html
Fiscal
Policy
Thoughts on the upcoming battle over the debt
ceiling.
https://danieldrezner.substack.com/p/what-is-the-house-gop-thinking
Inflation
A long term look at CPI.
https://www.advisorperspectives.com/dshort/updates/2023/01/17/long-term-look-at-the-cpi
Recession
Recession tales.
https://econbrowser.com/archives/2023/01/recession-tales-from-the-wsj-january-survey
Geopolitics
What if Russia won the Ukraine was and the western
media didn’t notice?
China
China at a critical juncture.
https://www.nytimes.com/2023/01/16/business/china-birth-rate.html
Bottom line
Brightening outlook
for 2023 dividend increases.
Investors most
underweight US stocks since 2005.
https://finance.yahoo.com/news/investors-most-underweight-us-stocks-091928301.html
The beginning of
the end of the credit cycle.
https://www.zerohedge.com/markets/beginning-end-credit-cycle
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