The Morning Call---The benefit of bubbles

 

The Morning Call

 

11/7/25

 

The Market

         

    Technical

 

            Thursday in the charts.

            https://www.zerohedge.com/markets/stocks-slammed-lousy-layoffs-data-losing-ai-race-lamenting-govt-shutdown

 

                Thursday in the technical stats.

            https://www.barchart.com/stocks/momentum

            https://www.barchart.com/stocks/sectors/rankings

            https://www.barchart.com/stocks/signals/new-recommendations

 

            AI no longer a ‘buy everything’ trade.

            https://www.zerohedge.com/markets/ai-no-longer-buy-everything-trade-goldman-traders-see-zero-sum-game-emerge-huang-warns

 

Gold and the dollar. Re-establishing their former relationship, i.e., dollar up, gold down?

            https://talkmarkets.com/content/commodities/volatile-correction-in-gold-silver-and-miners-is-still-a-correction?post=534477

                       

    Fundamental

 

       Headlines

 

              The Economy

 

                        US

 

                        International

 

September Japanese household spending fell 07% versus consensus of +0.5%.

 

The September German trade balance was E15.3 billion versus expectations of E15.6 billion.

 

The October Chinese trade balance was $90.1 billion versus estimates of $97.0 billion.

 

                        Other

 

                          Update on Q3 nowcast.

                          https://www.capitalspectator.com/us-economy-probably-cooled-in-q3-but-still-growing/

 

                          Q3 Senior Loan Officer survey was neutral to slightly positive.

                          https://bonddad.blogspot.com/2025/11/long-leading-indicator-senior-loan.html

 

                          Hotel occupancy rate decreased 2.6% YoY.

                          https://www.calculatedriskblog.com/2025/11/hotels-occupancy-rate-decreased-26-year.html

 

            Monetary Policy

 

              The trajectory of the Fed’s balance sheet.

              https://www.lpl.com/research/blog/qt-is-ending-is-qe-next.html

 

            Fiscal Policy

 

              From my favorite left wing economist---a jaundice view of AI spend.

              https://www.nakedcapitalism.com/2025/11/call-your-congresscritters-openai-laying-the-groundwork-for-massive-federal-bailout.html

 

              Lessons from Germany.

              https://www.zerohedge.com/economics/german-recession-deepens-industrial-jobs-and-investments-under-severe-pressure

 

            The Financial System

 

              UBS liquidates fund tied to First Brands.

              https://www.zerohedge.com/markets/ubs-liquidates-funds-faces-500-million-exposure-first-brands-fracas

 

              SEC probing firm over its private credit rating process.

              https://www.zerohedge.com/markets/sec-probing-egan-jones-over-its-private-credit-rating-practices

 

            Geopolitics

 

              If you are worried about tariffs, you are missing the big picture.

              https://www.zerohedge.com/markets/stop-missing-bigger-picture-re-tariffs

 

     Investing

 

            The earnings growth disparity.

            https://www.apolloacademy.com/k-shaped-economy-for-firms/

 

            Update on valuations.

            https://www.advisorperspectives.com/dshort/updates/2025/11/05/regression-to-trend-s-p-composite-198-above-trend-in-october

 

            Q3 S&P earnings dashboard.

            https://talkmarkets.com/content/us-markets/sp-500-earnings-dashboard-25q3-thursday-nov-6?post=534482

 

            The benefits of bubbles.

            https://stratechery.com/2025/the-benefits-of-bubbles/

 

            Why the sudden AI implosion?

            https://www.zerohedge.com/markets/goldmans-tech-trader-lists-3-things-behind-sudden-ai-implosion

 

            Bitcoin ETF flows worse than for gold.

            https://www.zerohedge.com/crypto/bitcoin-etf-flows-show-sentiment-worse-crypto-gold

 

    News on Stocks in Our Portfolios

 

 

What I am reading today

 

            Literacy is your investment edge.

            https://tonyisola.com/2025/11/literacy-is-your-investing-hedge/

 

 

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