The Morning Call
8/26/25
The
Market
Technical
Monday in the
charts.
Monday in the technical stats.
https://www.barchart.com/stocks/momentum
https://www.barchart.com/stocks/sectors/rankings
The 90/90 breadth thrust.
https://ritholtz.com/2025/08/crosscurrents/
Goldman trader on
AI stocks.
Dollar death
cross.
https://www.zerohedge.com/the-market-ear/dollar-death-cross-and-then-we-ripped
The buyback window closes on 9/14.
https://www.zerohedge.com/the-market-ear/managements-voting-their-shareholders-money
Fundamental
Headlines
The
Economy
US
July durable goods
orders declined 2.8% versus predictions of -2.5%; ex transportation, they were up
1.1% versus -0.4%.
https://www.zerohedge.com/economics/core-durable-goods-orders-rise-fastest-annual-rate-3-years
July new home sales fell 0.6% versus forecasts
of down 1.1%.
https://www.advisorperspectives.com/dshort/updates/2025/08/25/new-home-sales-inch-down-0-6-in-july
The August Dallas
Fed manufacturing index was -1.8 versus projections of +0.2.
International
Other
Mortgage delinquencies ease in July.
https://www.calculatedriskblog.com/2025/08/ice-first-look-at-july-mortgage.html
Overnight
News
Donald Trump
escalated his battle to exert more control over the Fed by moving to fire Lisa
Cook over allegations she falsified mortgage documents. Cook said the president
has no authority to oust her, and she won’t quit, setting the scene for a legal
battle. Trump’s move may become a test of the Supreme Court’s intentions when
it signaled earlier this year it would shield the Fed from at-will removal of
board members.
The U.S. will
increase tariffs and impose export restrictions on countries that tax or
regulate U.S. tech firms, President Trump said on Monday evening, in his most
direct threat to retaliate against nations that he views as discriminating
against companies such as Google and Meta Platforms.
Trump said on US
stakes in companies, that he wants to get as much as he can and hopes to have
many more cases like Intel, while he added there will be other cases.
A senior Chinese
trade negotiator is heading to Washington this week for what is expected to be
the first dialogue in the U.S. capital, according to people familiar with the
matter, as both sides seek to establish regular communication during an
extended tariff truce.
An announcement
regarding the US-Japan trade deal involving a $550 billion investment vehicle
is due this week, Commerce Secretary Howard Lutnick told Fox.
The US outlined
plans to implement a 50% tariff on products from India. A draft notice said the
levies would apply from 12:01 a.m. ET tomorrow. BBG
Monetary
Policy
Excessive
money growth creates secular stagnation.
https://www.zerohedge.com/markets/excessive-money-supply-growth-creates-secular-stagnation
Trump doesn’t need the Fed.
Trump doesn’t understand interest rates.
An important
change of policy not mentioned in all the discussions about Powell’s Jackson
Hole speech.
Fiscal
Policy
Trump’s Intel deal.
Investing
Recent data show risk to earnings.
https://www.advisorperspectives.com/commentaries/2025/08/25/us-economy-data-suggests-risk-earnings
Numbers behaving
badly.
https://www.advisorperspectives.com/commentaries/2025/08/25/behaving-badly-numbers
The appeal of
small cap stocks.
https://scottgrannis.blogspot.com/2025/08/the-appeal-of-small-cap-stocks.html
Is the bull market
finally broadening?
Is
the Bull Market In Stocks Finally Broadening?
Why the long Fed
pause may extend stocks’ rally.
Where have all the
contrarians gone?
https://awealthofcommonsense.com/2025/08/where-have-all-the-contrarians-gone/
News on Stocks in Our Portfolios
Bank of Nova
Scotia (TSX:BNS:CA) declares CAD 1.10/share quarterly dividend, in line with previous.
What
I am reading today
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