The Morning Call
3/29/23
The
Market
Technical
Tuesday in the charts.
https://www.zerohedge.com/markets/banks-big-tech-breakdown-credit-calm-bitcoin-bullion-bounce
S&P trapped---which way will it break?
https://www.zerohedge.com/the-market-ear/spx-time-decide-0
Short squeeze in
oil.
https://www.zerohedge.com/the-market-ear/oil-chase
Fundamental
Headlines
The
Economy
US
Weekly mortgage
applications were up 2.9% while purchase applications were up 2.0%.
March consumer confidence came in at 104.2
versus consensus of 101.0.
Note: the above
notwithstanding, Goldman says consumer sentiment is turning lower.
https://www.zerohedge.com/markets/goldman-sentiment-quickly-turning-negative-us-consumer
The March Richmond
Fed manufacturing index was -17 versus forecasts of +3.
International
February UK
consumer credit rose L1.4 billion versus predictions of +L1.3 billion.
The April German
consumer confidence index was -29.5 versus expectations of -29.2.
Other
The
Fed
A Fed pivot is not bullish.
https://www.zerohedge.com/markets/federal-reserve-pivot-not-bullish
Inflation
Dust off the stagflation hedges.
https://www.zerohedge.com/markets/itprudent-dust-stagflation-hedges-again
Recession
Serious mortgage delinquency rate declined in
February.
https://www.calculatedriskblog.com/2023/03/freddie-mac-mortgage-serious.html
Gundlach warns of imminent recession.
The
Banking System
It was not a crisis of confidence, it was a profitability
problem.
https://www.ft.com/content/c34e195a-2877-4a4c-bf4e-71fbf7704ee4
The Fed and bank failures.
https://www.promarket.org/2023/03/27/the-fed-and-bank-failures/
The
coronavirus
The economic damage of the Covid vaccine.
Bottom line
A countertrend
move?
https://alhambrapartners.com/2023/03/26/weekly-market-pulse-perspective/
Stability breeds
instability.
https://investoramnesia.com/2023/03/27/stability-breeds-instability/
Blackrock thinks
that markets are wrong on rate cuts.
Three warning
signs from the bond market.
https://www.morningstar.com/articles/1147114/3-warning-signs-from-the-bond-market
News on Stocks in Our Portfolios
What
I am reading today
The
age of average.
https://www.alexmurrell.co.uk/articles/the-age-of-average
Quote of the day.
https://cafehayek.com/2023/03/quotation-of-the-day-4221.html
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for Survival’s website (http://investingforsurvival.com/home)
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