The Morning Call
11/3/23
The
Market
Technical
Thursday in the
charts.
https://www.zerohedge.com/markets/massive-squeeze-sends-stocks-soaring-yield-curve-dollar-dump
Note: the S&P
soared above its 200 DMA but did so on a gap up open. That suggests that even if we witnessed a
bottom (still too soon to tell) some backing and filling is needed to fill that
gap.
AAII bull/bear
ratio so bad it’s good.
https://www.zerohedge.com/markets/bulls-bears-and-rubners-rules-tools
Fugawi
https://www.zerohedge.com/the-market-ear/fugazi
Just a squeeze or
a new bull market?
https://www.zerohedge.com/the-market-ear/just-squeeze-or-real-new-bull
TLT panic.
https://www.zerohedge.com/the-market-ear/4-charts-we-are-watching-tlt-panic
Fundamental
Headlines
The
Economy
US
September factory orders
rose 2.8% versus forecasts of +2.4%; ex transportation, they were up 0.8%
versus +0.7%.
October light vehicle
sales totaled 15.5 million versus predictions of 15.3 million.
October nonfarm payrolls grew 150,000 versus
expectations of 180,000; the October unemployment rate was 3.9 versus 3.8%.
International
The September
German trade balance was +E16.5 billion versus consensus of +E16.3 billion.
The September EU
unemployment rate was 6.5% versus estimates of 6.4%.
The final October Chinese
Caixin services PMI was 50.4, in line; the final composite PMI was 50.0 versus
51.0; the final October UK services PMI was 49.5 versus 49.2; the final
composite PMI was 48.7 versus 48.6.
Other
The housing market has become an impossible
mess.
Asking rents are down YoY.
https://www.calculatedriskblog.com/2023/11/asking-rents-down-12-year-over-year.html
The
Fed
Key takeaways from Fed decision.
Fiscal
Policy
Three cheers for supply and demand.
https://www.ft.com/content/a50abfe2-4f75-483b-9cca-79a2f8adea10
More on your tax dollars at work.
War
in Ukraine
Top Ukrainian commander admits stalemate.
https://www.zerohedge.com/geopolitical/ukraines-top-commander-makes-surprising-first-time-admission
China
Beware a Chinese fall stall.
The breakdown of China’s social contract.
https://www.ft.com/content/d7b9db0a-9275-48ad-be3a-99afcc6bbf4c
The
coronavirus
The lockdowns were anything but prudent and essential.
https://brownstone.org/articles/lockdowns-were-anything-but-prudent-and-essential/
Bottom line
Update on valuations.
Druckenmiller
warns about stocks.
Where is this
rally going?
https://ritholtz.com/2023/11/where-is-this-rally-going/
October dividends
by the numbers.
https://politicalcalculations.blogspot.com/2023/11/dividends-by-numbers-in-october-2023.html
News on Stocks in Our Portfolios
Apple press release (NASDAQ:AAPL): Q4 GAAP EPS of $1.46 beats by $0.07.
Revenue
of $89.49B (-0.7% Y/Y) in-line.
Apple (NASDAQ:AAPL) declares $0.24/share quarterly dividend, in
line with previous.
EOG
Resources press release (NYSE:EOG): Q3 Non-GAAP EPS of $3.44 beats by $0.45.
Revenue
of $6.21B (-18.2% Y/Y) beats by $430M.
EOG
Resources (NYSE:EOG) declares $0.91/share quarterly dividend, 10.3% increase from prior
dividend of $0.82.
FactSet
Research Systems (NYSE:FDS) declares $0.98/share quarterly dividend, in line with previous.
What
I am reading today
4.5 billion
years ago another planet crashed into earth.
Scientists may have found its remains.
Quote
of the day.
https://cafehayek.com/2023/11/quotation-of-the-day-4431.html
Friday morning humor.
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for Survival’s website (http://investingforsurvival.com/home)
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