The Morning Call---Are there more than three cockroaches?

The Morning Call

 

5/10/23

 

The Market

         

    Technical

 

Tuesday in the charts.

https://www.zerohedge.com/markets/bullion-black-gold-bid-regional-banks-go-nowhere-ahead-cpi

 

Extreme positioning suggests that bears could be wrong.

https://realinvestmentadvice.com/cot-extreme-positioning-suggests-the-bears-may-be-wrong/?utm_medium=email&utm_campaign=Tuesday%20Takes%20May%209&utm_content=Tuesday%20Takes%20May%209+CID_6517dd56e699c662f1c898f9f108b79a&utm_source=RIA%20Email%20Marketing%20Software&utm_term=READ%20MORE

 

More signs pointing higher.

https://www.zerohedge.com/the-market-ear/what-if

 

    Fundamental

 

       Headlines

 

              The Economy

 

                        US

 

Weekly mortgage applications rose 6.3% while purchase applications were up 4.8%.

 

Month to date retail chain store sales were flat with the prior week.

 

April CPI was up 0.4%, in line; April core CPI was up 0.4%, also in line.

 

                        International

 

March Japanese leading economic indicators came in at 97.5 versus estimates of 97.9.

 

April German CPI was up 0.4%, in line.

 

                        Other

 

            The Fed

 

              Are there more than three cockroaches?

              https://www.linkedin.com/feed/update/urn:li:activity:7059970461719265280/

 

            Inflation

 

Powell/investors are apt to be disappointed about the course of owners’ equivalent rent.

              https://www.nakedcapitalism.com/2023/05/why-im-skeptical-of-powells-claim-red-hot-rent-cpi-will-just-vanish-landlords-report-the-opposite-even-for-april.html

 

            Recession

 

              My favorite optimist sees no sign of recession.

              http://scottgrannis.blogspot.com/2023/05/swap-and-credit-spreads-still-say-no.html

 

            The Debt Ceiling

 

              Laurence Tribe on the debt ceiling and the 14^th amendment.

              https://www.nytimes.com/2023/05/07/opinion/debt-limit.html

 

              Another legal judgment.

              https://www.cato.org/blog/debt-ceiling-unconstitutional-what-about-default

 

            The Banking System

 

              The brain drain at FDIC threatens its ability to regulate banks.

              https://www.nytimes.com/2023/05/08/business/fdic-bank-regulators-svb.html

 

Recent Fed stability report emphasizes the risks in the commercial real estate market.

              https://www.nytimes.com/2023/05/08/business/economy/the-fed-commercial-real-estate.html

 

            The coronavirus

 

              Lessons from the covid war.

              https://marginalrevolution.com/marginalrevolution/2023/05/lessons-from-the-covid-war.html

 

    Bottom line

 

            The latest from Stanley Druckenmiller.

            https://www.zerohedge.com/markets/lot-more-bodies-coming-druckenmiller-warns-hard-landing-blasts-fed-free-money-making-people

 

            The difficulty in being contrarian.

            https://alhambrapartners.com/2023/05/08/weekly-market-pulse-fear-itself/

 

    News on Stocks in Our Portfolios

 

T. Rowe Price (NASDAQ:TROW) declares $1.22/share quarterly dividend, in line with previous.

 

Cummins (NYSE:CMI) declares $1.57/share quarterly dividend, in line with previous.

 

3M (NYSE:MMM) declares $1.50/share quarterly dividend, in line with previous.

 

What I am reading today

 

           

Quote of the day.

https://cafehayek.com/2023/05/quotation-of-the-day-4261.html

 

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