The Morning Call---The perfect flow tsunami is over

 

The Morning Call

 

12/5/23

 

The Market

         

    Technical

 

            Monday in the charts.

            https://www.zerohedge.com/markets/bonds-bullion-pumpndump-bitcoin-buck-soar

 

            November’s advance helped by increased central bank liquidity.

            https://www.zerohedge.com/markets/behind-novembers-rally-350-billion-brand-new-central-bank-liquidity

 

The perfect flow tsunami is over.

https://www.zerohedge.com/the-market-ear/perfect-flow-tsunami-over-and-it-time-put-tactical-shorts

 

            Goldman trader turns bearish.

            https://www.zerohedge.com/markets/goldman-uber-bull-turns-bearish-rally-has-absolutely-run-out-gas

 

            Gold looking toppish.

            https://www.zerohedge.com/the-market-ear/3-gold-charts-we-are-watching-looking-topish

 

    Fundamental

 

       Headlines

 

              The Economy

 

                        US

 

October factory orders fell 3.6% versus consensus of -2.8%; ex transportation, they were down 1.2% versus +0.3%.

                                  https://www.zerohedge.com/economics/us-factory-orders-plunged-most-covid-lockdowns-october

 

                        International

 

October EU PPI was up 0.2%, in line; the November services PMI was 48.7 versus 48.2; the November composite PMI was 47.6 versus 47.1.

 

The November Japanese YoY CPI was +2.3% versus expectations of +2.4%; core YoY CPI was +2.7% versus +2.4%; the November services PMI was 50.8 versus 51.7; the November composite PMI was 49.6 versus 50.0.

 

The November Chinese Caixin services PMI was 51.5 versus forecasts of 51.0; the November composite PMI was 51.6 versus 51.2; the November German services PMI was 49.6 versus 48.7; the November composite PMI was 47.5 versus 47.1; the November UK services PMI was 50.9 versus 50.5; the November composite PMI was 50.7 versus 50.1.

 

                        Other

 

            The Fed

 

              The Fed’s so called inflation fight.

              https://www.forbes.com/sites/johntamny/2023/12/03/the-feds-so-called-inflation-fight-was-a-big-fat-non-sequitur/?sh=209fb36f2ef0

 

              Bond market euphoria changing debate on Fed policy.

  https://www.bloomberg.com/news/articles/2023-12-03/treasury-bond-euphoria-shifts-to-market-debate-on-fed-rate-cut-path?srnd=markets-vp&utm_campaign=What%20I%20Am%20Reading&utm_medium=email&_hsmi=285011874&_hsenc=p2ANqtz-9pAKTie3BjGWeVXnlDwbh9EDuYxSEj5SPj1t_5qLp5SOBTaLtYhImhv7UXlS4_KjGQnsdxSXUOCsujTEkZhJ-dGpW70Q&utm_content=285011874&utm_source=hs_email&sref=loFkkPMQ

 

 

            Fiscal Policy

 

              We just hit another milestone.

              https://pjmedia.com/vodkapundit/2023/12/04/one-trillion-dollars-is-so-last-august-n4924451

 

                  The Pentagon fails its audit---again.

              https://www.nakedcapitalism.com/2023/12/the-pentagon-fails-its-audit-again-and-again-and-again-and-again-and-again-and-again.html

 

                          Healthcare is a big problem.

              https://www.advisorperspectives.com/commentaries/2023/12/03/healthcare-minor-major-problem-john-mauldin

 

                Inflation

 

              Goods deflation is back.

  https://www.wsj.com/economy/goods-deflation-is-back-it-could-speed-inflations-return-to-2-c782d434?mod=hp_lead_pos7&utm_campaign=What%20I%20Am%20Reading&utm_medium=email&_hsmi=285011874&_hsenc=p2ANqtz--ws2YFThkRcd6txPBV_GnwhhNteaozx72btvBO0vlf3tGF__DBMSVstDGblhgOMs0yk41d8NFwcKyakDk9UmJ0ZxChGQ&utm_content=285011874&utm_source=hs_email

 

 

             China

 

               Moody’s downgrades China’s credit outlook.

               https://www.zerohedge.com/markets/chinas-debt-binge-spurs-moodys-downgrade-credit-outlook

 

            Civil Strife

 

              Weimar America.

              https://www.zerohedge.com/geopolitical/weimar-america-are-we-headed-1930s-nightmare

 

     Bottom line.

 

          Update on valuations.

          https://www.advisorperspectives.com/dshort/updates/2023/12/04/p-e10-november-update-is-the-stock-market-expensive

               https://www.advisorperspectives.com/dshort/updates/2023/12/04/market-valuation-qratio-november-2023

               https://www.advisorperspectives.com/dshort/updates/2023/12/04/regression-to-trend-s-p-composite-129-above-trend-in-november

 

              How to invest in gold.

         https://www.bloomberg.com/news/articles/2023-12-04/gold-price-hits-an-all-time-high-here-s-how-to-invest-buy-the-metal?embedded-checkout=true&sref=loFkkPMQ

 

         Bitcoin surges.

          https://www.bloomberg.com/news/articles/2023-12-03/bitcoin-hits-40-000-level-for-the-first-time-since-may-2022?srnd=premium&embedded- checkout=true&sref=loFkkPMQ

 

 

    News on Stocks in Our Portfolios

 

 

What I am reading today

                     

            Who wrote the Dead Sea scrolls?

            Who wrote the Dead Sea scrolls? Science may have the answer. (nationalgeographic.com)

 

           

            Tuesday morning humor.

            https://babylonbee.com/news/7-best-things-to-say-while-youre-wife-is-in-labor

 

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