The Morning Call
4/11/24
The
Market
Technical
Wednesday in the
charts.
https://www.zerohedge.com/markets/all-bets-are
We are getting
close to a selling tsunami.
https://www.zerohedge.com/the-market-ear/we-are-getting-closer-cta-selling-tsunami
Who is the source
of gold buying?
https://www.nytimes.com/2024/04/10/business/gold-price-inflation.html
Is
gold overpriced?
https://www.zerohedge.com/markets/gold-overpriced-or-can-its-price-go-even-higher
What
is driving gold prices?
https://www.zerohedge.com/markets/gold-warning-us-or-running-markets
Money market funds
are raking in the cash.
https://sherwood.news/markets/money-funds-are-raking-in-record-amounts-of-cash/
Fundamental
Headlines
The
Economy
US
Weekly initial
jobless claims totaled 211,000 versus projections of 215,000.
The Mrach budget
deficit was $236 billion versus consensus of $197 billion.
March PPI was up
0.2% versus estimates of up 0.3%; core PPI was up 0.2%, in line.
International
March Chinese CPI
was down 1.0% versus expectations of -0.5%; March YoY PPI was -2.8%, in line.
Other
The
Fed
Markets lower rate cut probabilities.
https://www.ft.com/content/0395f49d-ac44-4698-afc2-d4784204cf41
The FOMC released
the minutes from its latest meeting but those were dwarfed by the earlier
reported CPI number (above).
https://www.calculatedriskblog.com/2024/04/fomc-minutes-uncertainty-about.html
Bank of Canada leaves rates unchanged.
ECB leaves rates unchanged.
https://www.zerohedge.com/markets/euro-extends-decline-after-ecb-holds-rates-highs-hints-cuts-come
Inflation
Inside the CPI number.
https://www.calculatedriskblog.com/2024/04/yoy-measures-of-inflation-services.html
Recession
Corporate credit and economic growth.
https://alhambrapartners.com/2024/04/09/market-morsel-cash-and-carry/
China
China/US trade may have bottomed.
https://politicalcalculations.blogspot.com/2024/04/us-china-trade-decline-may-have-hit.html
Fitch downgrades China’s outlook.
https://www.cnn.com/2024/04/10/economy/china-fitch-rating-downgrade-intl-hnk/index.html
Bottom line.
Stocks in a ‘no
landing’ scenario.
Election uncertainty
argues for high quality bonds.
Earnings season
may bring changes.
https://www.advisorperspectives.com/commentaries/2024/04/10/earnings-season-may-bring-changes
News on Stocks in Our Portfolios
Fastenal press release (NASDAQ:FAST): Q1 GAAP EPS of
$0.52 misses by $0.01.
Revenue
of $1.89B (+1.9% Y/Y) misses by $20M.
Fastenal
(NASDAQ:FAST) declared $0.39/share quarterly
dividend, in line with previous.
What
I am reading today
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