The Morning Call
1/24/24
The
Market
Technical
Tuesday in the
charts.
Note: the S&P
successfully completed its challenge of the upper boundary of its intermediate
term trading range (and its all time high), resetting it to an uptrend. For
traders, it is time to buy some participation (IWN, IWM, VYM, SPRX).
The biggest risk to the Market is higher
stock prices.
Fundamental
Headlines
The
Economy
US
Weekly mortgage applications
were up 3.7% while purchase applications were up 8.0%.
Month to date
retail chain store sales grew slightly faster than in the prior week.
January Richmond Fed
manufacturing index came in at -15 versus forecasts of -11.
International
The January flash
EU consumer confidence index was -16.1 versus projections of -14.3; the January
flash manufacturing PMI was 46.6 versus 44.8; the January flash services PMI
was 48.4 versus 49.0; the January flash composite PMI was 47.9 versus 48.0.
The December
Japanese trade balance was Y62.1 billion versus consensus of Y-122.1 billion; the
January flash manufacturing PMI was 48.0 versus consensus of 48.2; the January
flash services PMI was 52.7 versus 51.0; the January flash composite PMI was
51.1 versus 49.5.
The January German
flash manufacturing PMI was 45.4 versus estimates of 43.7; the January flash
services PMI was 47.6 versus 49.5; the January flash composite PMI was 47.1
versus 47.8.
The January UK
flash manufacturing PMI was 47.3 versus 46.7; the January flash services PMI
was 53.8 versus 53.2; the January flash composite PMI was 52.5 versus 52.2; the
Q1 business optimism index was -3 versus -2.
Other
The
Fed
The ECB lacks the same flexibility in cutting
rates as the Fed.
https://www.zerohedge.com/markets/inflation-risks-upending-trader-bets-ecb-matching-fed-cuts
Fiscal
Policy
Do the rich move because of taxes?
https://www.adamsmith.org/blog/it-isnt-true-that-the-rich-wont-move-over-tax-rates
Recession
Is the recession finally here?
https://alhambrapartners.com/2024/01/22/weekly-market-pulse-is-the-recession-finally-here/
The missing link in the failed recession
models?
https://www.capitalspectator.com/__01-23-2024/
China
China eyes stock market rescue package.
It also cut the bank reserve ratio.
Bottom line
Stocks hit new
highs as disappointing data persists.
All-Time Highs For Stocks As Bitter Economic Headlines
Persist - RIA (realinvestmentadvice.com)
Outperforming
equal-weighted and cap-weighted portfolios.
https://alphaarchitect.com/2024/01/equally-weighted-portfolios/
2024
predictions from Goldman’s rates guru.
News on Stocks in Our Portfolios
What
I am reading today
Quote
of the day.
https://cafehayek.com/2024/01/quotation-of-the-day-4521.html
Wednesday
morning humor.
https://babylonbee.com/news/7-new-features-on-united-airlines-courtesy-of-drag-queen-ceo
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