The Morning Call---Can this Market rally continue?

 

The Morning Call

 

12/19/23

 

 

The Market

         

    Technical

 

Monday in the charts.

https://www.zerohedge.com/markets/goolsbee-grounds-bond-bulls-bitcoin-black-gold-and-big-tech-bounce

 

Can this Market rally continue?

https://traderfeed.blogspot.com/2023/12/can-this-market-rally-continue.html

 

            The most new highs in years.

            https://allstarcharts.com/most-new-highs-in-years/

 

            Overbought superlatives.

            https://www.zerohedge.com/the-market-ear/overbought-superlatives

 

            Fearless FAANGS and small cap extremes.

            https://www.zerohedge.com/the-market-ear/fearless-faangs-and-small-cap-extremes

 

            FOMO.

            https://www.zerohedge.com/the-market-ear/hello-fomo-my-old-friend

 

            The VIX and subsequent Market performance.

            https://www.ft.com/content/c691fb51-f606-4499-9d18-1097fee05932

 

            Bonds sweeten a potential Santa Claus rally.

            https://allstarcharts.com/bonds-sweeten-a-potential-santa-claus-rally/

 

    Fundamental

 

       Headlines

 

              The Economy

 

                        US

                       

  November housing starts rose 14.8% versus expectations of -0.8%; November building permits fell 2.5% versus -1.2%.

                          https://www.zerohedge.com/personal-finance/single-family-housing-starts-exploded-higher-november-mortgage-rates-tumbled

 

                          The December housing index came in at 37 versus forecasts of 36.

                           https://www.calculatedriskblog.com/2023/12/nahb-builder-confidence-increased-in.html

 

                        International

 

                          The November EU CPI was -0.6% versus estimates of -0.5%.

 

                        Other

           

            The Fed

 

              Fed’s Goolsbee says that it is too soon to declare victory over inflation.

              https://www.bnnbloomberg.ca/fed-s-goolsbee-says-too-early-to-declare-victory-over-inflation-1.2012825

 

  The Fed should resist Market bullying

  https://www.ft.com/content/7d252519-b2be-4258-9b97-774e86584901

 

Fiscal Policy

 

  Don’t worry, be happy, now.

  https://www.nytimes.com/2023/12/18/business/economy/government-debt-bond-vigilantes.html

 

     Bottom line

 

            Wall Street’s biggest bear capitulates.

            https://www.zerohedge.com/markets/mike-wilson-finally-capitulates-says-equities-have-green-light-ramp-higher

 

            The Market is second guessing its dovish reaction to the Powell pivot.

https://www.marketwatch.com/story/the-market-is-second-guessing-its-dovish-reaction-to-powell-this-analyst-says-the-fed-could-slash-rates-by-as-much-as-75-7a1f86b8

 

            Goldman lifts 2024 market forecast.

            https://www.bloomberg.com/news/articles/2023-12-18/goldman-s-kostin-lifts-s-p-500-forecast-a-month-after-setting-it?srnd=premium&sref=loFkkPMQ

 

    News on Stocks in Our Portfolios

         

FactSet Research Systems press release (NYSE:FDS): Q1 Non-GAAP EPS of $4.12 beats by $0.01.

Revenue of $542.2M (+7.4% Y/Y) beats by $1.88M.

 

Accenture press release (NYSE:ACN): Q1 Non-GAAP EPS of $3.27 beats by $0.14.

Revenue of $16.2B (+2.9% Y/Y) in-line

 

What I am reading today

 

           

                        Lessons from the iron.

            https://www.artofmanliness.com/character/advice/5-lessons-from-the-iron/

 

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