Friday, February 21, 2025

The Morning Call--7 reasons stocks will trade down

 

The Morning Call

 

2/21/25

 

The Market

         

    Technical

 

            Thursday in the charts.

            https://www.zerohedge.com/market-recaps/dollar-stocks-dumped-bitcoin-pumped-gold-stumped-lei-hits-9-year-lows

 

            7 reasons why stocks will trade down.

            https://www.zerohedge.com/the-market-ear/goldmans-7-reasons-why-stocks-will-trade-down

 

            The latest from Goldman’s flows guru.

            https://www.zerohedge.com/markets/27-trillion-opex-looms-goldman-flows-guru-says-im-correction-watch

 

            Favorite retail momentum names are crashing.

            https://www.zerohedge.com/markets/retail-favorite-momentum-names-are-crashing-heres-one-reason-why

 

            Puts to buy for a pullback.

            https://www.zerohedge.com/markets/puts-buy-pullback-goldman

 

            More from Goldman and JP Morgan.

            https://www.zerohedge.com/markets/momentum-massacre-post-mortem-todays-retail-puke-goldman-jpm

 

    Fundamental

 

       Headlines

 

              The Economy

 

                        US

 

The January leading economic indicators fell 0.3% versus forecasts of -0.1%.

 

                        International

 

January Japanese CPI was +0.5% versus projections of +0.2%; the February flash manufacturing PMI was 48.9 versus 49.0; the flash services PMI was 53.1 versus 52.2; the flash composite PMI was 51.6 versus 51.5.

 

January UK retail sales grew 1.7% versus consensus of +0.3%; ex fuel, they were up 2.1% versus +0.9%; the February consumer confidence index was -20 versus -22; the February flash manufacturing PMI was 46.4 versus 48.4; the flash services PMI was 51.1 versus 50.8; the flash composite PMI was 50.5, in line.

 

The February German flash manufacturing PMI was 46.1 versus expectations of 45.5; the flash services PMI was 52.2 versus 52.5; the flash composite PMI was 51.0 versus 50.8; the February EU flash manufacturing PMI was 47.3 versus 47.0; the flash services PMI was 52.2 versus 52.5; the flash composite PMI was 50.2 versus 50.5.

 

                        Other

           

                          How world trade has changed.

                          https://mrzepczynski.blogspot.com/2025/02/how-world-trade-has-changed-real-issue.html

           

                          Thursday in the economic charts.

                          https://dailyshotbrief.com/the-daily-shot-brief-february-20th-2025/

 

                          January inbound traffic at LA ports at record levels.

                          https://www.calculatedriskblog.com/2025/02/la-ports-record-inbound-traffic-in.html

 

                          January architecture billings remain soft.

                          https://www.calculatedriskblog.com/2025/02/aia-architecture-billings-billings.html

 

            Overnight News

 

The US and EU have discussed a potential deal to cut and ultimately scrap tariffs on car imports. EU officials insisted there was “positive momentum: towards a compromise between the two sides following talks in Washington this week.

 

            Recession

 

              Growing distress in the commercial real estate market.

              https://www.zerohedge.com/markets/subprime-redux-commercial-real-estate-bond-distress-hits-another-record-high

 

 

            Fiscal Policy

 

              Trump terminates all federal benefits going to illegal aliens.

              https://www.zerohedge.com/political/trump-signs-executive-order-terminating-all-federal-taxpayer-benefits-going-illegal

 

    Investing

 

            As go earnings, so goes stocks.

            https://investorplace.com/hypergrowthinvesting/2025/02/strong-earnings-should-keep-stocks-on-a-winning-path/

 

            Update on outlook for dividends.

            https://politicalcalculations.blogspot.com/2025/02/the-outlook-for-s-500-dividends-in.html

 

            The bond market: stable but on alert.

            https://www.capitalspectator.com/despite-inflation-risk-bond-market-holds-on-to-gains-in-2025/

 

            The Treasury has a demand problem.

            https://www.zerohedge.com/markets/treasuries-demand-loss-golds-gain

 

            Desperation in the global gold market.

            https://talkmarkets.com/content/commodities/desperation-in-the-global-gold-market?post=483279

 

    News on Stocks in Our Portfolios

 

 

 

What I am reading today

 

           

 

 

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