The Morning Call
1/25/24
The
Market
Technical
Wednesday in the
charts.
https://www.zerohedge.com/markets/big-tech-bid-bonds-bullion-battered-better-data-made-doves-cry
Downside
protection reset lower.
https://www.zerohedge.com/the-market-ear/inverse-fear-and-upside-pain
Fundamental
Headlines
The
Economy
US
Weekly initial
jobless claims totaled 214,000 versus expectations of 200.000.
Q4 GDP growth was reported
at 3.8% versus predictions of 2.0%; GDP sales were +3.2% versus +2.5%; real
consumer spending was up 2.8% versus +2.6%; the price indicator was +1.5%
versus +2.3%; the core PCE price index was +2.0%, in line.
December durable
goods orders were flat with November versus forecast of up 1.1%; ex transportation,
they were +0.6% versus +0.2%.
The December
Chicago national activity index fell 0.15% versus consensus of +0.1%.
The December trade
balance was -$88.4 billion versus estimates of -$88.0 billion.
December building permits were up 1.8% versus
projections of +1.9%.
The January flash
manufacturing PMI was 50.3 versus expectations of 47.9; the flash services PMI
was 52.9 versus 51.0; the flash composite PMI was 52.3 versus 50.3.
https://www.zerohedge.com/economics/pmi
International
The January German
business climate index came in at 85.2 versus predictions of 86.7; the January
current conditions index was 87.0 versus 88.6.
Other
Architecture billings remain soft.
https://www.calculatedriskblog.com/2024/01/aia-architecture-firm-billings-remain.html
The
Fed
The Fed kills free money arbitrage scheme.
https://www.zerohedge.com/markets/fed-suddenly-kills-banks-free-money-bailout-fund-arbitrage-scheme
The ECB leaves rates unchanged.
Fiscal
Policy
National debt per household
https://politicalcalculations.blogspot.com/2024/01/the-national-debt-burden-grows-for-us.html
Inflation
Profits do not cause inflation.
https://www.aier.org/article/profits-do-not-cause-inflation-causal-fallacies-as-economic-ignorance/
Recession
Consumers will continue to power growth in
2024.
And recent nowcasts support that view.
https://www.capitalspectator.com/us-growth-slowdown-expected-for-thursdays-q4-gdp-report/
A deeper dive into those EU PMI’s reported
yesterday.
https://www.pmi.spglobal.com/Public/Home/PressRelease/3dbb92c8f7ba426ebf4c4334a384183d
How Houthi attacks are impacting the global
supply chain.
Bottom line
S&P 500
percent of time at new all-time highs.
https://www.bespokepremium.com/interactive/posts/think-big-blog/sp-500-percent-of-time-at-new-highs
And so is the rest
of the world.
https://www.riskhedge.com/outplacement/the-world-is-breaking-out1/rcm
Stocks usually
rally into Fed rate cut.
https://www.zerohedge.com/markets/dotcom-history-rhymes-nasdaq-fed-cuts-loom
News on Stocks in Our Portfolios
General
Dynamics press release (NYSE:GD): Q4 GAAP EPS
of $3.64 beats by $0.02.
Revenue
of $11.67B (+7.1% Y/Y) beats by $200M.
Canadian
National Railway press release (NYSE:CNI): Q4 Non-GAAP
EPS of C$2.02.
Revenue
of C$4.47B (-1.5% Y/Y).
Canadian
National Railway (NYSE:CNI)
declares CAD 0.845/share quarterly dividend, 7% increase from prior
dividend of CAD 0.790.
Becton,
Dickinson (NYSE:BDX)
declares $0.95/share quarterly dividend, in line with previous.
Sherman
Williams press release (NYSE:SHW): Q4 Non-GAAP
EPS of $1.81 beats by $0.01.
Revenue
of $5.25B (+0.4% Y/Y) beats by $20M.
What
I am reading today
How
to avoid becoming miserably rich.
https://tonyisola.com/2024/01/how-to-avoid-becoming-miserably-rich/
Visit Investing
for Survival’s website (http://investingforsurvival.com/home)
to learn more about our Investment Strategy, Prices Disciplines and Subscriber
Service.
No comments:
Post a Comment