The Morning Call
2/23/24
The
Market
Technical
Thursday in the
charts.
https://www.zerohedge.com/markets/everything-awesome
Note: Nvidia did
the trick. The S&P exploded higher yesterday, regaining the lower boundary
of its very short term uptrend and pushing through the upper boundary of its short
term uptrend. If it remains above it through the close on Monday, the challenge
will be successful. The good news is that there is no visible resistance
between it and the upper boundary of its intermediate term uptrend (~6700). The
bad news is that it created a huge gap up open, which needs to be filled.
All-time highs are
historically bullish.
https://ritholtz.com/2024/02/all-time-highs-are-historically-bullish/
Positioning is
worrying but no one cares.
https://www.zerohedge.com/markets/positioning-worrying-and-nobody-seems-care
Fundamental
Headlines
The
Economy
US
January existing home sales were up 3.1%
versus estimates of +3.0%.
The February flash
manufacturing PMI was 51.5 versus projections of 50.5; the flash services PMI
was 51.3 versus 52.0; the flash composite PMI was 51.4 versus 51.9.
International
Final Q4 German
GDP growth was -0.3%, in line; the February business climate index was 85.5, in
line; the February current conditions index was 86.9 versus 86.7.
Other
The
Fed
Are rate hikes really unthinkable?
https://www.themoneyillusion.com/are-rate-increases-unthinkable/
Fiscal
policy
A profit seeking government.
https://arnoldkling.substack.com/p/a-profit-seeking-government
CBO revises costs on new energy policy. Guess
which way.
https://www.zerohedge.com/markets/cbo-revised-cost-bidens-energy-policies-466-billion
Bottom line.
How valuable is
the advice from CNBC?
https://slate.com/business/2024/02/cnbc-investing-advice-bad-making-money.html
News on Stocks in Our Portfolios
EOG
Resources press release (NYSE:EOG): Q4 Non-GAAP EPS of
$3.07 misses by $0.04.
Revenue
of $6.36B (-5.4% Y/Y) beats by $360M.
EOG Resources
(NYSE:EOG) declares $0.91/share quarterly
dividend, in line with previous.
What
I am reading today
The
first sack of Rome.
The
first sack of Rome wasn't when you think it was (nationalgeographic.com)
Quote of the day.
https://cafehayek.com/2024/02/quotation-of-the-day-4552.html
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