The Morning Call---By any historic measure, the market is richly valued

 

The Morning Call

 

12/6/24

 

The Market

         

    Technical

 

            Thursday in the charts.

            https://www.zerohedge.com/market-recaps/bitcoin-pumpndump-back-below-100k-gold-dollar-pummeled-ahead-payrolls-print

 

    Fundamental

 

       Headlines

 

              The Economy

 

                        US

 

November nonfarm payrolls increased by 227,000 versus expectations of +200,000; the unemployment rate was 4.2%, in line.

https://www.zerohedge.com/markets/november-jobs-surge-above-estimates-wage-growth-comes-hot-umemployment-rises

 

                        International

 

                          Q3 EU GDP growth (3^rd estimate) was +0.4%, in line.

 

October Japanese YoY average cash earnings were up 2.6%, in line; October YoY household spending fell 1.3% versus consensus of -2.6%; the October preliminary reading for the leading economic indicators was 108.6 versus 108.9.

 

October German industrial productions was down 1.0% versus projections of-1.2%

 

                        Other

                       

                          Mortgage rates and hurricanes slow new home sales.

                          https://politicalcalculations.blogspot.com/2024/12/mortgage-rate-headwinds-hurricanes-take.html

 

                          New vehicle sales jump amid discounts and incentives.

  https://wolfstreet.com/2024/12/04/cut-the-price-and-they-will-come-new-vehicle-sales-jump-in-november-amid-big-discounts-and-incentives-as-inventory-balloons/

 

 

            Tariffs

 

              Tariffs versus sanctions.

              https://www.wsj.com/economy/trump-international-economic-policy-dollar-tariffs-b5076f65?mod=economy_lead_pos2

 

     Investing

 

            By any historical metric, the market is richly valued.

            https://sherwood.news/markets/by-any-historic-metric-this-market-is-getting-closer-to-the-edge/

 

            Buyer beware.

            https://www.zerohedge.com/markets/buyer-beware-stocks-are-texas-hedge

 

            How much cash is really on the sidelines?

            https://www.advisorperspectives.com/commentaries/2024/12/05/cash-really-on-sidelines

 

    News on Stocks in Our Portfolios

 

 

What I am reading today

 

            The college collapse.

            https://www.powerlineblog.com/archives/2024/12/today-in-the-college-collapse.php

 

 

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