The Morning Call
11/6/25
The
Market
Technical
Wednesday in the
charts.
Wednesday 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
Melt up or top?
No panic, just
pain.
https://www.zerohedge.com/the-market-ear/fearless-sell-no-panic-just-pain
The latest from
Goldman.
Bitcoin’s test.
https://www.zerohedge.com/the-market-ear/bitcoins-50-week-test-bounce-or-breakdown
Fundamental
Headlines
The
Economy
US
The October
services PMI was 54.8 versus forecasts of 55.2; the composite PMI was 54.6
versus 54.8.
https://www.advisorperspectives.com/dshort/updates/2025/11/05/sp-global-services-pmi-october-2025
The October ISM
services index was 52.4 versus projections of 50.8.
https://bonddad.blogspot.com/2025/11/ism-services-index-rebounds-indicating.html
International
September Japanese
YoY average earnings rose 1.9% versus estimates of +1.6%; the October services PMI
was 53.1 versus 52.4; the October composite PMI was 51.5 versus 50.9.
September German industrial
production was up 1.3% versus predictions of up 2.5%.
September EU retail
sales fell 0.1% versus consensus of +0.2%.
The October EU
construction PMI came in at 44.0 versus expectations of 46.5; the October
German construction PMI was 42.8 versus 46.7; the October UK construction PMI
was 44.1 versus 46.0.
Other
Q3 NY Fed report on household debt and delinquencies.
https://www.calculatedriskblog.com/2025/11/ny-fed-q3-report-household-debt.html
Overnight News
US companies
announced the most job cuts for any October in more than two decades as artificial intelligence reshapes
industries and cost-cutting accelerates. Companies last month announced 153,074
job cuts, nearly triple the number during the same month last year.
8 centrist
Democrats in the Senate could be prepared to vote in favor of reopening the
government, but they are receiving pushback from more progressive corners of
the party.
The US Supreme
Court appeared skeptical of Donald Trump’s sweeping tariff powers, with some
justices suggesting he’d overstepped his authority. Yet even if the duties are
struck down, the president has other legal options, leaving companies and
countries in limbo.
Monetary
Policy
In the weeds of how one aspect of Fed
monetary management works.
Bank of England leaves rates unchanged.
https://www.zerohedge.com/markets/deeply-divided-bank-england-leaves-rates-unchanged-warns-ai-bubble
Fiscal
Policy
Tax increases won’t shrink the deficit/debt.
The
Financial System
Deutsch bank shorting AI stocks as hedge
against debt.
Tariffs
Striking down the tariff won’t hurt anybody.
https://www.cato.org/commentary/striking-down-tariffs-wont-hurt-anybody
Geopolitics
One man’s warning.
https://www.zerohedge.com/geopolitical/escobar-taming-sound-and-fury-empire-chaos
Investing
Rebalancing your
portfolio in a lofty market.
https://www.morningstar.com/portfolios/how-rebalance-your-portfolio-lofty-market
Despite high valuations,
the bubble risk appears low (at this time).
https://www.capitalspectator.com/is-bubble-risk-elevated/
November dividends
by the numbers.
https://politicalcalculations.blogspot.com/2025/11/dividends-by-numbers-in-november-2025.html
Long term holders
selling bitcoin.
Every cycle ends
with sellers who said that they would never sell.
https://www.zerohedge.com/markets/when-debt-meets-diamond-hands
News on Stocks in Our Portfolios
What
I am reading today
It
takes a global supply chain.
https://thedispatch.com/article/sharpie-pencil-manufacturing-onshoring-free-markets/
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for Survival’s website (http://investingforsurvival.com/home)
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