The Morning Call
3/8/23
The
Market
Technical
Tuesday in the
charts.
Note: the S&P
has now made a lower high and is back below the lower boundary of its former
very short term uptrend. Clearly not a
plus; but it remains above both its DMA’s.
So, patience remains the word.
The inverse
correlation between the dollar and stocks.
https://allstarcharts.com/still-the-only-catalyst/
Markets
are flirting with a ‘risk on’ position, but they are not there yet.
https://www.capitalspectator.com/markets-continue-to-flirt-with-risk-on-signals/
Stress in bond volatility.
https://www.zerohedge.com/the-market-ear/stressed-moves
Fundamental
Headlines
The
Economy
US
Weekly mortgage applications
were up 7.4% while purchase applications grew 6.6%.
January consumer
credit rose $14.8 billion versus forecasts of $20.0 billion.
The January trade
balance was -$68.3 billion versus consensus of -$68.9 billion.
The February ADP
private payrolls report showed job increases of 242,000 versus projections of
200,000.
https://www.zerohedge.com/personal-finance/adp-reports-wage-growth-slowing-despite-job-gains
International
Q4 EU employment
change was +0.3% versus estimates of +0.4%; Q4 GDP growth was +0.0%, in line.
The January
Japanese leading economic indicators came in at 96.5 versus expectations of
96.9.
January German
industrial production was up 3.5% versus predictions of +1.4%; January retail
sales fell 0.3% versus +2.0%.
Other
January house prices down 0.2%.
https://www.calculatedriskblog.com/2023/03/corelogic-house-prices-up-55-yoy-in.html
February wholesale used car prices increased.
https://www.calculatedriskblog.com/2023/03/wholesale-used-car-prices-increased-in.html
The
Fed
Powell testified
before the senate banking committee. His
comments did not indicate a more
hawkish stance---but they did slap the stock dream weavers in the face.
https://www.zerohedge.com/markets/powells-hawkish-remarks-spark-cross-market-chaos
Clueless.
https://www.zerohedge.com/the-market-ear/clueless
Fiscal
Policy
Our State Department at work.
https://www.powerlineblog.com/archives/2023/03/our-state-department-at-work.php
Recession
Dr. Doom fears hard landing.
Recession in Europe
still the base case.
https://www.zerohedge.com/markets/recession-europe-still-base-case-despite-soft-data-hype
Geopolitics
The US is not ready for a great power
conflict.
China
China’s new foreign minister warns of conflict
with US.
Bottom line
What moves
markets.
https://alhambrapartners.com/2023/03/05/weekly-market-pulse-what-moves-markets/
News on Stocks in Our Portfolios
What
I am reading today
Quote
of the day.
https://cafehayek.com/2023/03/quotation-of-the-day-4200.html
Have we allowed
this to go too far?
https://www.spectator.co.uk/article/is-your-child-a-cake/
The giant arcs
that dwarf everything in the cosmos.
https://www.bbc.com/future/article/20230302-the-giant-arcs-that-may-dwarf-everything-in-the-cosmos
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