The Morning Call
2/15/24
The
Market
Technical
Wednesday in the
charts.
Note: stocks
rebounded yesterday. The S&P bounced off the lower boundary of its very
short term uptrend and regained the magic 5000 level. Further, it remained in a
rising wedge pattern formed by the lower boundary of that very short term
uptrend and the upper boundary of its short term uptrend. Historically, those
type formations are usually resolved to the upside.
VIX seasonality.
https://www.zerohedge.com/the-market-ear/vix-seasonality-2
Fundamental
Headlines
The
Economy
US
Weekly initial jobless
claims totaled 212,000 versus predictions of 220,000.
December PPI came
in at -0.2% versus consensus of -0.1%; core PPI was -0.1% versus 0.0%.
January retail sales
were down 0.8% versus expectations of -0.1%; ex autos, they were -0.6% versus
+0.2%.
The February NY
Fed manufacturing index was -2.4 versus estimates of -15.0; the February Philadelphia
Fed manufacturing index was +5.2 versus -0.8.
International
Q4 preliminary
Japanese GDP growth was -0.1% versus projections of +0.3%; Q4 preliminary
capital expenditures were -0.1% versus +0.3%; Q4 preliminary private consumption
was -0.2% versus +0.1%; December industrial production was +1.4% versus +1.8%;
December capacity utilization was -0.1% versus +0.4%.
Q4 preliminary UK
GDP growth was -0.3% versus forecasts of -0.1%; Q4 preliminary business
investment was +1.5% versus -0.1%; December industrial production was +0.6%
versus -0.1%; the December trade balance was -L2.6 billion versus -L1.9
billion; December YoY construction orders were down 30.2% versus +5.0%.
The December EU
trade balance was +E16.8 billion versus predictions of +E21.5 billion.
Other
Fiscal
Policy
A billion here, a billion there and pretty
soon you are talking real money.
https://nalert.blogspot.com/2024/02/senators-smuggle-migration-funds-into.html
Inflation
A look at the ‘owners’ equivalent rent’ calculation
in CPI.
More.
https://scottgrannis.blogspot.com/2024/02/the-cpi-overshoot-is-statistical.html
The cost of car ownership is getting painful.
Recession
Total US trade with the rest of the world
shrank in 2023.
https://politicalcalculations.blogspot.com/2024/02/total-us-trade-with-world-shrank-in-2023.html
The brutal reality of plunging office values.
Economists sounding alarm over consumer credit
bubble.
https://www.zerohedge.com/personal-finance/economists-are-sounding-alarm-yolo-credit-bubble
Bottom line
Prepare for a
correction.
https://www.riskhedge.com/outplacement/prepare-for-a-stock-market-correction1/rcm
How often do bear
markets occur?
https://awealthofcommonsense.com/2024/02/how-often-do-bear-markets-occur/
The most costly
investment mistake that you can easily avoid.
News on Stocks in Our Portfolios
Cisco press release (NASDAQ:CSCO): Q2 Non-GAAP EPS of
$0.87 beats by
$0.03.
Revenue
of $12.8B (-5.9% Y/Y) beats by
$100M.
Genuine
Parts press release (NYSE:GPC): Q4 Non-GAAP EPS of
$2.26 beats by
$0.06.
Revenue
of $5.6B (+1.1% Y/Y) misses by
$60M.
Genuine
Parts (NYSE:GPC) declares $1.00/share quarterly dividend, 5.3% increase from prior
dividend of $0.95.
Sherwin
Williams (NYSE:SHW) declares $0.715/share quarterly
dividend, 18.2% increase from prior dividend of $0.605.
What
I am reading today
Thursday
morning humor.
10
Financial Tips From Leading Politicians For Amassing Amazing Wealth | Babylon
Bee
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