The Morning Call--It is a raise fest

 

The Morning Call

 

6/22/23

 

 

 

The Market

         

    Technical

 

            Wednesday in the charts.

            https://www.zerohedge.com/markets/hawkish-powell-hits-big-tech-bitcoin-soars-buck-breaks-down

 

                Technical pause.

            https://www.zerohedge.com/the-market-ear/technical-pause

 

                BofA technical strategist’s upbeat comments.

            https://www.zerohedge.com/markets/bofas-technical-stratgist-fomo-melt-checklist-signals-room-run

 

            Goldman disagrees.

            https://www.zerohedge.com/markets/goldman-offers-5-reasons-start-hedging-equity-melt

 

            The yield curve inversion hasn’t been this steep in decades.

            https://econbrowser.com/archives/2023/06/the-term-spread-1970-2023m06

 

    Fundamental

 

       Headlines

 

              The Economy

 

                        US

 

                          Weekly initial jobless claims totaled 264,000 versus estimates of 260,000.

 

                          Month to date retail chain store sales grew faster than in the prior week.

 

The May Chicago Fed national activity index came in at -.15 versus forecasts of +.15.   

 

                        International

 

                        Other

                         

                          Architecture billings rebound in May.

                          https://www.calculatedriskblog.com/2023/06/aia-architecture-billings-rebound-in.html

 

            The Fed

 

              Desperately seeking a soft landing.

              https://www.ft.com/content/76ff8941-939d-4ecc-bc65-12a9d9b02f1d

                

              Bank of England ups key rate 50 basis points.

              https://www.zerohedge.com/markets/boe-shocks-markets-surprise-50bps-rate-hike-crusade-against-red-hot-inflation

                                                        

              As do the central banks of Norway and Switzerland.

              https://www.zerohedge.com/markets/snb-hikes-25bps-norges-bank-hikes-50bps

 

            Fiscal Policy

 

              The fantasy (and fallacy) that government knows best.

              https://johnhcochrane.blogspot.com/2023/06/the-perennial-fantasy.html

 

            Inflation

 

              The inflation battle isn’t won yet.

              https://www.nytimes.com/2023/06/21/business/economy/us-inflation-fed.html

 

              The rising cost of living is squeezing workers.

              https://www.zerohedge.com/personal-finance/financial-hardship-surges-cost-living-crisis-squeezes-workers

 

            Recession

 

              Five reasons this analyst thinks that there won’t be a recession.

              https://www.cnn.com/2023/06/20/opinions/us-economy-recession-zandi/index.htm

 

    Bottom line

 

            Are high yield ETF’s worth the risk?

            https://www.advisorperspectives.com/commentaries/2023/06/21/bull-vs-bear-are-high-yield-etfs-worth-the-higher-risk

 

            Why indexing works.

            https://ritholtz.com/2023/06/indexing-is-well-understood/

 

    News on Stocks in Our Portfolios

 

FactSet Research Systems press release (NYSE:FDS): Q3 Non-GAAP EPS of $3.79 beats by $0.19.

Revenue of $529.81M (+8.4% Y/Y) beats by $1.74M.

 

Accenture press release (NYSE:ACN): Q3 Non-GAAP EPS of $3.19 beats by $0.19.

Revenue of $16.56B (+2.5% Y/Y) beats by $80M.

 

Accenture (NYSE:ACN) declares $1.12/share quarterly dividend, in line with previous.

 

What I am reading today

 

            Quote of the day.

            https://cafehayek.com/2023/06/quotation-of-the-day-4303.html

 

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