The Morning Call---This time is not different

 

The Morning Call

 

6/25/24

 

The Market

         

    Technical

 

            Monday in the charts.

            https://www.zerohedge.com/markets/sell-big-tech-bitcoin-buy-everything-else

 

The stock market is in the longest stretch without a 2% correction since the financial crisis.

            https://www.cnbc.com/2024/06/21/stocks-are-in-their-longest-stretch-without-a-2percent-sell-off-since-the-financial-crisis.html

 

            Record S&P 500 concentration.

            https://bilello.blog/2024/record-sp-500-concentration-chart-of-the-day-6-24-24

 

            Quarter end pension selling on deck.

            https://www.zerohedge.com/markets/50-billion-quarter-end-pension-selling-deck-jpm

 

            Bond market points to stock market correction.

            https://allstarcharts.com/the-bond-market-points-to-a-stock-market-correction/

 

    Fundamental

 

       Headlines

 

              The Economy

 

                        US

 

The May Chicago national activity index was reported at .18 versus predictions of -.4.

 

The June Dallas Fed manufacturing index came in at -15.1 versus consensus of -13.0.

                          https://www.advisorperspectives.com/dshort/updates/2024/06/24/dallas-fed-manufacturing-manufacturing-activity-stabilizes-in-june

 

                        International

           

April Japanese leading economic indicators were 110.9 versus expectations of 111.6.

 

                        Other

 

            Monetary Policy

 

              How much lower can rates really go?

  https://www.bloomberg.com/news/articles/2024-06-23/how-long-will-high-rates-last-bond-markets-say-maybe-forever?srnd=homepage-americas&sref=loFkkPMQ

 

 

              There is no good reason to raise the inflation target.

              https://www.zerohedge.com/economics/theres-no-good-reason-raise-inflation-target

 

              Who needs the Fed?

              https://www.zerohedge.com/markets/who-needs-fed

 

            Fiscal Policy

 

              Who holds Treasury debt?

              https://wolfstreet.com/2024/06/23/who-holds-the-recklessly-ballooning-us-national-debt-of-34-7-trillion/

 

              This time is not different (must read).

              https://www.advisorperspectives.com/commentaries/2024/06/24/time-not-different-john-mauldin

 

              US borrowing binge risks market strains.

              https://www.ft.com/content/404d2277-e6d3-4f56-93bb-c40e1ab22e68

 

            Recession

 

              Recession alert weekly leading economic index.

              https://www.advisorperspectives.com/dshort/updates/2024/06/24/recession-weekly-leading-economic-index

 

            Tariffs

 

              Trump’s tariff trap.

              https://www.city-journal.org/article/trumps-tariff-trap

 

    News on Stocks in Our Portfolios

 

 

 

What I am reading today

 

            Your life is an organization and you are the CEO.

            https://traderfeed.blogspot.com/2024/06/great-trading-requires-leadership.html

 

            57 sandwiches that define New York City.

            https://www.nytimes.com/interactive/2024/dining/best-nyc-sandwiches.html

 

 

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