The Morning Call---Time for a breather?

The Morning Call

 

11/10/23

 

The Market

         

    Technical

              

            Thursday in the charts.

            https://www.zerohedge.com/markets/hawkish-powell-piss-poor-auction-spark-chaos-credit-markets-crypto-soars

                   

            Three more charts.

            https://www.zerohedge.com/the-market-ear/3-charts-we-are-watching-some-early-indications-weakness

 

            The S&P reverts to the mean.

            https://politicalcalculations.blogspot.com/2023/11/the-s-500-reverts-toward-mean.html

 

            A major shift in sentiment.

            https://www.zerohedge.com/the-market-ear/be-bullish-0

 

Time for a breather?

https://www.zerohedge.com/markets/financial-assets-are-running-out-steam-now

                 

            Time for a breather? Part 2.

            https://www.zerohedge.com/the-market-ear/spx-time-chill

 

            The coup d’grace will be a weaker dollar.

            https://allstarcharts.com/the-dollar-retains-command/

 

            Indicators maintain a risk-on bias.

            https://www.capitalspectator.com/still-looking-for-a-clear-risk-off-signal-in-markets/

 

    Fundamental

 

       Headlines

 

              The Economy

 

                        US

 

                        International

 

Q3 preliminary UK GDP growth was 0.0% versus expectations of -0.1%; Q3 preliminary business investment fell 4.2% versus +2.8%; September industrial production was 0.0% versus +0.1%; the September trade balance was L-1.5 billion versus L-3.6 billion; September YoY construction orders declined 20.0% versus +2.2%.

 

October YoY Chinese vehicle sales were up 13.8% versus consensus of +14.0%.

 

                        Other

 

            The Fed

 

              Powell hints at firmer policy position.

              https://www.zerohedge.com/economics/watch-live-fed-chair-powell-discusses-global-monetary-policy-challenges

 

              The Fed’s current conundrum.

              https://finance.yahoo.com/news/analysis-falling-treasury-yields-could-060234284.html

 

            Fiscal Policy

 

              The big problem is political.

              https://www.axios.com/2023/11/08/us-national-debt-stabilize-cost

 

Inflation

 

  Ken Griffin sees inflation higher for longer.

  https://www.bloomberg.com/news/articles/2023-11-09/griffin-says-world-s-peace-dividend-at-the-end-of-the-road?srnd=premium&sref=loFkkPMQ

 

Recession

 

  Recession signal fading.

  https://www.zerohedge.com/markets/recession-noise-grows-recession-signal-fading

 

  Mortgage rates decline.

  https://www.cnbc.com/2023/11/08/mortgage-rates-plunge-and-demand-finally-inches-back.html?utm_campaign=What%20I%20Am%20Reading&utm_medium=email&_hsmi=281731108&_hsenc=p2ANqtz-8lczowfVs9XT1ap0IalcJBAHAAt8EI-mnpdQfG816otx9GWSOPNCcRikRj2ExvTATC9bYwOvKuL8qF1hCv_mJgOjsGrg&utm_content=281731108&utm_source=hs_email

 

 

The Financial System

 

  The big banks continue to find ways around the intent of Fed regulations.

  https://www.nakedcapitalism.com/2023/11/the-feds-bank-capital-three-card-monte-undermines-tighter-rules-by-allowing-synthetic-risk-transfers-to-famed-hedge-fund-bad-actors-like-magnetar-ares.html

 

            The Bond Market

 

              Very disappointing bond auction.

              https://www.zerohedge.com/markets/stocks-tumble-yield-surge-after-catastrophic-30y-auction-stops-biggest-tail-record-foreign

 

       Bottom line

 

            Barry Ritholtz thoughts on the post lockdown economy.

            https://ritholtz.com/2023/11/post-lockdown-economy/

 

    News on Stocks in Our Portfolios

 

 

What I am reading today

 

            Friday morning humor.

            https://babylonbee.com/news/9-signs-your-wife-is-a-little-too-excited-about-christmas

 

The paradox of happiness.

https://alchemy.substack.com/p/journal-the-paradox-of-happiness

 

The story behind Louie Louie

https://www.npr.org/2023/10/31/1209181745/louie-louie-the-story-behind-the-song-everyone-knows-but-no-one-understands

 

Another inconvenient truth.

https://www.zerohedge.com/weather/another-inconvenient-truth-northern-hemisphere-snow-cover-nears-57-year-high

 

Visit Investing for Survival’s website (http://investingforsurvival.com/home) to learn more about our Investment Strategy, Prices Disciplines and Subscriber Service.