The Morning Call
2/6/25
The
Market
Technical
Wednesday in the
charts.
Retail mania.
https://www.zerohedge.com/the-market-ear/retail-mania-actually-bigger-height-00-bubble
The latest from Goldman’s
traders.
https://www.zerohedge.com/markets/heres-what-goldmans-top-traders-think-about-market
Three gold charts
worth watching.
https://www.zerohedge.com/the-market-ear/3-gold-charts-we-are-watching-4
Three more charts
worth watching.
https://www.zerohedge.com/the-market-ear/3-rate-charts-we-are-watching-1
Fundamental
Headlines
The
Economy
US
Weekly initial jobless claims totaled 219,000
versus consensus of 212,000.
https://www.zerohedge.com/markets/initial-jobless-claims-tick-higher-multi-decade-lows
Q4 preliminary
nonfarm productivity rose 1.2% versus projections of 1.4%; unit labor costs were
up 3.0% versus 3.4%.
The January
services PMI was 52.9 versus forecasts of 52.8; the January composite PMI was
52.7 versus 52.4.
https://www.advisorperspectives.com/dshort/updates/2025/02/05/sp-global-services-pmi-january-2025
The January ISM
nonmanufacturing index was 52.8 versus estimates of 54.3.
https://www.advisorperspectives.com/dshort/updates/2025/02/05/ism-services-pmi-expanded-january-2025
International
December German
factory orders were up 6.9% versus expectations of +2.0%.
December EU retail
sales fell 0.2% versus forecasts of -0.1%.
The January EU construction
PMI was 45.4 versus predictions of 43.0; the January German construction PMI
was 42.5 versus 38.0; the January UK construction PMI was 48.1 versus 53.4.
Other
EU
imposes ESG agenda on US companies.
https://www.civitasinstitute.org/research/the-eu-imposes-its-esg-agenda-on-american-companies
The job market retightens.
ISM indices predicting further growth.
https://bonddad.blogspot.com/2025/02/economically-weighted-ism-services.html
Despite the upbeat
ADP private payrolls report, small businesses are not keeping up.
Overnight
News
Treasury Secretary
Scott Bessent told Fox Business that the Trump administration wants to make the
2017 tax cut permanent and added that Trump wants lower interest rates and is
focused on the 10-year treasury yield. Furthermore, he said Trump is not
calling for the Fed to lower interest rates and interest rates will take care
of themselves if they get energy costs down and deregulate economy. He gave no
indication he was in favor of direct intervention.
Fiscal
Policy
The argument against a sovereign wealth fund.
https://www.axios.com/2025/02/04/trump-american-sovereign-wealth-fund
Wards of the government.
Rather than crying
wolf, let’s wait and see. The markets certainly don’t seem all that concerned.
https://www.capitalspectator.com/treasury-yields-edge-lower-despite-threat-of-trade-war/
Downsizing the CIA
(I wonder if that means another assassination) and eliminating USAID.
40,000 except DOGE
buyout.
Investing
January dividends
by the numbers.
https://politicalcalculations.blogspot.com/2025/02/dividends-by-numbers-in-january-2025.html
Crypto currencies fall
following tariff threats.
https://www.ft.com/content/f3c1dc34-1ac4-4a79-8415-4747d27a634c
Deregulating the
crypto market.
Goldman on DOGE’s
impact on the defense and IT services industries.
News on Stocks in Our Portfolios
Qualcomm press
release (NASDAQ:QCOM): Q1 Non-GAAP EPS of $3.41 beats by
$0.44.
Revenue of
$11.67B (+17.6% Y/Y) beats by $770M.
UPS (NYSE:UPS) declares $1.64/share quarterly dividend, 0.6% increase from
prior dividend of $1.63.
What
I am reading today
America’s
traffic control system is a disgrace.
https://www.city-journal.org/article/reagan-national-airport-crash-faa-air-traffic-control
Americans are the most scammed
people in the world.
https://www.zerohedge.com/technology/americans-are-most-scammed-people-world
Inside the decadent love affair of
Cleopatra and Mark Antony.
Cleopatra
and Mark Antony's Decadent Love Affair
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