The Morning Call---The forces putting a bid under the Market

The Morning Call

 

6/21/23

 

The Market

         

    Technical

               

            Tuesday in the charts.

            https://www.zerohedge.com/markets/tech-momo-darlings-crypto-pump-vix-rest-market-dump

               

            These are the forces putting a bid under the market (must read).

            https://www.zerohedge.com/markets/these-are-force-are-putting-constant-bid-under-market

               

            If we don’t have a pullback now, we never will.

            https://www.zerohedge.com/the-market-ear/if-we-do-not-have-pullback-now-we-never-will

 

            Extremely stretched sentiment.

            https://www.zerohedge.com/markets/extremely-stretched-sentiment-sp-positioning-most-extended-ever

 

            Margin debt up 1.9% in May.

            https://www.advisorperspectives.com/dshort/updates/2023/06/20/margin-debt-up-1-9-in-may

 

            Bull market or fool’s market?

https://www.cnn.com/2023/06/18/business/whats-happening-with-the-market/index.html?utm_campaign=What%20I%20Am%20Reading&utm_medium=email&_hsmi=263141559&_hsenc=p2ANqtz-_mfE98WlXtwjv8xqMLF72FlsoGf5wHy6izxWu5RF-g8j-JeIN07a03nphzffo9UjIF-FYxLABTJsc4l8-WpJVfG2lMow&utm_content=263141559&utm_source=hs_email

 

    Fundamental

 

       Headlines

 

              The Economy

 

                        US

                          

Weekly mortgage applications were up 0.5% while purchase applications were up 1.5%.

                          

                        International

 

May UK CPI rose 0.7% versus expectations of +0.5%; core CPI was up 0.8% versus +0.6%; the June industrial trends orders index was -15 versus -17.

 

                        Other

 

                          Dethroning the dollar.

                          https://www.aier.org/article/dethroning-the-almighty-dollar/

 

                          The global economy is in disarray.

  https://www.nytimes.com/2023/06/18/business/economy/global-economy-us-china.html?utm_campaign=What%20I%20Am%20Reading&utm_medium=email&_hsmi=263141559&_hsenc=p2ANqtz-_kcCFWQSDDr2Ou7udlX-EGd9kszFpqrU6RUzaM1T5crsefmmyuWF0hCjdeyUhMkeM505LSPq5rY4CLTJIRJXcDsdhZpA&utm_content=263141559&utm_source=hs_email

 

            The Fed

 

              Powell maintains a hawkish stance in congressional testimony.

              https://www.zerohedge.com/markets/long-way-go-powell-maintains-hawkish-line-prepared-remarks

 

              Strong Fed chairman confront spending.

              https://www.wsj.com/articles/strong-fed-chairmen-confront-spending-powell-greenspan-volcker-burns-fa7b4afd?mod=opinion_lead_pos11

 

                          China cuts interest rates (modestly).

              https://www.nytimes.com/2023/06/19/business/china-loan-prime-rates.html

 

                        Fiscal Policy

 

              Seeking sustainability in the US debt.

              https://econbrowser.com/archives/2023/06/guest-contribution-seeking-sustainability-in-u-s-debt

 

                  I am dumbfounded by this blatant transparent duplicitousness.

              https://www.zerohedge.com/political/whoops-pentagon-accounting-error-means-extra-62-billion-ukraine

 

                Inflation

 

              Why global inflation is so tough to beat.

  https://www.wsj.com/articles/why-inflation-around-the-world-just-wont-go-away-94552e39?mod=hp_lead_pos3&utm_campaign=What%20I%20Am%20Reading&utm_medium=email&_hsmi=263141559&_hsenc=p2ANqtz-_DAryrffQeRz6b-VCX81x-SIrZ-AwuaR4W5JhKZK1phfzagsUvcpSB8-mEIuZQHNFWBPAN3H4xqNoFkYexDuEhlXHptw&utm_content=263141559&utm_source=hs_email

 

 

    Bottom line

 

              How returns happen.

              https://www.fortunesandfrictions.com/post/how-returns-happen

 

              Estimating future stock returns---March 2023 update.

              https://alephblog.com/2023/06/17/estimating-future-stock-returns-march-2023-update/

 

              Are the bulls really back?

              https://ofdollarsanddata.com/the-bulls-are-back-in-town/

 

              This analyst thinks so.

              https://www.tker.co/p/market-economy-fed-attitudes-shifting

 

    News on Stocks in Our Portfolios

 

FedEx press release (NYSE:FDX): Q4 Non-GAAP EPS of $4.94 beats by $0.07.

Revenue of $21.9B (-10.2% Y/Y) misses by $760M.

 

What I am reading today

 

           

 

 

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