The Morning Call--Bankruptcies are rising

 

The Morning Call

 

5/31/23

 

The Market

         

    Technical

 

            Tuesday in the charts.

            https://www.zerohedge.com/markets/bonds-bullion-big-tech-jump-black-gold-dumps-rate-hike-odds-rise

 

            Another bull market technical signal.

            https://investorplace.com/hypergrowthinvesting/2023/05/first-100-signal-triggered-suggesting-a-new-bull-market-ahead/

 

            Sector rotation versus market breadth.

            https://allstarcharts.com/sector-rotation-vs-weak-breadth/

 

Why down and sideways markets have bullish outcomes.

https://ofdollarsanddata.com/why-down-sideways-markets-are-bullish/

 

    Fundamental

 

       Headlines

 

              The Economy

 

                        US

                          

Weekly mortgage applications fell 3.7% while purchase applications were down 2.5%.

 

The March Case Shiller home price index was up 1.5% versus forecasts of +0.4%.

                           https://www.calculatedriskblog.com/2023/05/case-shiller-national-house-price-index.html

                                   

                           May consumer confidence came in at 102.3 versus projections of 99.0.

                           https://www.advisorperspectives.com/dshort/updates/2023/05/30/consumer-confidence-index-conference-board-slips-six-month-low

 

The May Dallas Fed manufacturing index was -29.1 versus consensus of -25.0.

                           https://www.advisorperspectives.com/dshort/updates/2023/05/30/dallas-fed-manufacturing-business-conditions-worsen-three-year-low

 

                        International

 

April Japanese preliminary industrial production declined 1.2% versus estimates of -1.6%; April retail sales were off 1.2% versus +0.4%; April YoY housing starts were -11.9% versus -0.9%; April YoY construction orders were up 16.2% versus +3.7%; May consumer confidence was 36.0 versus 36.1.

 

The May Chinese manufacturing PMI was reported at 48.8 versus predictions of 49.4; the May nonmanufacturing PMI was 54.4 versus 55.0; the May composite PMI was 52.9 versus 54.2.

 

May German unemployment was 5.6%, in line; the May preliminary CPI was -0.1% versus +0.2%.

                         

                        Other

                       

                          Weaponizing the dollar.

                          https://www.zerohedge.com/markets/central-banks-are-buying-gold-record-pace-what-does-mean-inflation

           

            Inflation

 

              We are measuring inflation all wrong.

              https://www.aier.org/article/we-are-measuring-inflation-all-wrong-non-housing-inflation-is-very-low/

 

              Companies push prices higher to preserve profits.

              https://www.nytimes.com/2023/05/30/business/economy/inflation-companies-profits-higher-prices.html

 

            Recession

 

              Recession watch update.

              https://www.calculatedriskblog.com/2023/05/recession-watch-update.html

 

              The great student loan nonrepayment boondoggle is over.

              https://www.zerohedge.com/markets/great-student-loan-nonpayment-boondoggle-over-household-spending-about-collapse-38-billion

 

              Bankruptcies are rising.

              https://www.zerohedge.com/personal-finance/bankruptcy-caravan-now-arriving-time-pay-easy-money

 

            The Debt Ceiling

               

              The latest.

                https://www.zerohedge.com/political/not-great-right-now-mccarthy-debt-deal-votes-question-desantis-slams-totally-inadequate

 

              A more positive take on the debt deal (if you are fiscally conservative).

              https://www.powerlineblog.com/archives/2023/05/about-the-debt-ceiling-deal.php

 

  Goldman issues market alert.

  https://www.zerohedge.com/markets/goldman-isses-market-alert-15-total-reserves-are-drained-junjul

 

Geopolitics

 

  Ukraine---bleeding out.

  https://www.nakedcapitalism.com/2023/05/ukraine-bleeding-out.html

 

            China

 

              China’s fading recovery reveals deeper economic struggles.

              https://www.wsj.com/articles/chinas-fading-recovery-reveals-deeper-economic-struggles-31f4097b

 

            The coronavirus

 

              The great coronavirus ventilator death coverup.

              https://threadreaderapp.com/thread/1662136877464563713.html

 

    Bottom line.

 

            The latest from Richard Bernstein.

            https://www.advisorperspectives.com/commentaries/2023/05/30/seesaw-becomes-extreme-bernstein

 

    News on Stocks in Our Portfolios

 

 

 

What I am reading today

 

            A brutal way to lose a baseball game.

            https://townhall.com/tipsheet/mattvespa/2023/05/30/this-has-to-be-the-most-brutal-way-to-lose-a-championship-baseball-game-n2623806

 

 

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