The Morning Call
1/29/26
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
Another contrarian indicator.
Relentless vol.
https://www.zerohedge.com/the-market-ear/range-bound-stocks-restless-vol
Is this really a
dollar breakdown?
https://www.zerohedge.com/the-market-ear/really-dollar-breakdown
Goldmageddon (so, I
was a bit too early).
https://www.zerohedge.com/the-market-ear/goldmaggedon-shanghai-love
Fundamental
Headlines
The
Economy
US
Weekly initial jobless claims totaled 209,000
versus consensus of 205,000.
Final Q3 nonfarm productivity
rose 4.9%, in line; unit labor costs fell 1.9%, also in line.
The November trade
balance was -$56.8 billion versus predictions of -$37.0 billion.
International
The January
Japanese consumer confidence index was 37.9 versus estimates of 37.6.
The January EU economic
sentiment index came in at 99.4 versus expectations of 97.5; the January
industrial sentiment index was -6.8 versus -9.0; the January services sentiment
index was 7.2 versus 5.4; the January consumer confidence index was -12.4, in
line.
Other
What to make of weak consumer sentiment.
https://www.capitalspectator.com/is-weak-consumer-sentiment-flashing-a-economic-warning/
The regional Fed
manufacturing indices suggest continued growth with inflation.
https://bonddad.blogspot.com/2026/01/regional-fed-manufacturing-indexes.html
Monetary
Policy
The FOMC wrapped
up its January meeting yesterday with no change in rates and a narrative that
suggests that there will be no change in rates, at least through Powell’s term
as Fed chair. The reaction of the long bond (down) and gold (up) is all you
need to know about the Market’s opinion (concern about inflation).
https://www.zerohedge.com/markets/fomc-34
Fiscal
Policy
A shutdown approaches.
https://www.zerohedge.com/political/shutdown-approaches-schumer-white-house-attempt-11th-hour-deal
Inflation
What is the Fed’s real inflation target?
https://politicalcalculations.blogspot.com/2026/01/what-is-feds-real-inflation-target.html
Investing
Who has been
buying all that gold?
https://www.ft.com/content/a2539a6a-284a-40be-a77c-b91ed5bb2a65
A new force in the
gold market.
The dollar is
sinking and Trump thinks that is great. (remember a declining dollar is inflationary)
The hardest part
about investing.
https://chartkidmatt.com/p/the-hardest-part-about-investing
Now is not the time to be speculating.
https://www.wsj.com/finance/investing/when-all-bets-are-off-all-bets-are-on-7b8bd8fd?st=9vVr18
Why the yield curve is steepening.
News on Stocks in Our Portfolios
What
I am reading today
Quote
of the day.
https://cafehayek.com/2026/01/quotation-of-the-day-5267.html
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