The Morning Call
1/24/23
The
Market
Technical
Monday in the
charts.
https://www.zerohedge.com/markets/stocks-bond-yields-jump-leading-indicators-scream-recession
Note: the S&P
remained above its 200 DMA for a second day.
It also touched the upper boundary of its short-term downtrend intraday but
backed off. Nonetheless, the index is now testing two resistance levels
simultaneously.
Margin debt down
in December.
https://www.advisorperspectives.com/dshort/updates/2023/01/23/margin-debt-down-5-8-in-december
A Market recovery
depends on rapidly declining inflation---that could be a problem.
Commodities are
shrugging off peak inflation.
https://allstarcharts.com/commodities-shrug-off-peak-inflation/
Fundamental
Headlines
The
Economy
US
The December
leading economic indicators fell 1.0% versus expectations of -0.7%.
International
The January EU
flash consumer confidence index was -20.9 versus estimates of -20.0; the
January EU flash manufacturing PMI was 48.8 versus 48.5; the flash services PMI
was 50.7 versus 50.2; the flash composite PMI was 50.2 versus 49.8.
The January
Japanese flash manufacturing PMI was 48.9 versus predictions of 49.4; the flash
services PMI was 52.4 versus 50.6; the flash composite PMI was 50.8 versus
50.0.
The January German
flash manufacturing PMI was 47.0 versus consensus of 47.9; the flash services
PMI was 50.4 versus 49.6; the flash composite PMI was 49.7 versus 49.6;
February consumer confidence was -33.9 versus -33.0.
The January UK
flash manufacturing PMI was 46.7 versus forecasts of 45.5; the flash services
PMI was 48.0 versus 49.7; the flash composite PMI was 47.8 versus 49.1; the Q1
business optimism index was -5 versus -60.
Other
LA
port inbound traffic down 20% YoY in December.
https://www.calculatedriskblog.com/2023/01/la-port-inbound-traffic-down-20-yoy-in.html
The
Fed
Can/will the Fed break the Fed ‘put’?
Fiscal
Policy
A nation divided and indebted cannot stand.
Crashing through
the debt ceiling.
https://econbrowser.com/archives/2023/01/guest-contribution-crashing-through-the-debt-ceiling
Everyone has a
solution for the debt ceiling crisis but no one has a solution for fiscal irresponsibility.
https://www.ibtimes.com/bipartisan-us-lawmakers-preparing-plan-avert-debt-ceiling-crisis-3659677
Inflation
Inflation is not higher prices.
China’s
re-opening will complicate the fight against inflation.
https://www.wsj.com/articles/chinas-reopening-complicates-global-fight-against-inflation-11674344924
Recession
Is a ‘soft landing’ a myth?
https://www.zerohedge.com/markets/soft-landing-scenario-another-fed-myth
News on Stocks in Our Portfolios
3M press release (NYSE:MMM): Q4 Non-GAAP EPS of $2.28 misses by $0.11.
Revenue
of $8.1B (-5.9% Y/Y) beats by $10M.
Johnson
& Johnson press release (NYSE:JNJ): Q4 Non-GAAP EPS of $2.35 beats by $0.11.
Revenue
of $23.7B (-4.4% Y/Y) misses by $200M.
What
I am reading today
An
energetic body yields an energetic mind.
https://traderfeed.blogspot.com/2023/01/changing-your-trading-psychology-by.html
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