The Morning Call---AI is an orchestration layer not a displacement

 

The Morning Call

 

2/25/26

 

The Market

         

    Technical

 

            Tuesday in the charts.

            https://www.zerohedge.com/markets/big-tech-bounces-back

 

            Tuesday n the technical stats.

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

            https://www.barchart.com/stocks/market-performance

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

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

 

            From Goldman’s top trader.

            https://www.zerohedge.com/markets/markets-jigsaw-puzzle-particularly-difficult-right-now-top-goldman-trader

 

    Fundamental

 

       Headlines

 

              The Economy

 

                        US

 

Weekly mortgage applications were up 0.4% while purchase applications were down 5.0%.

 

Month to date retail chain store sales were up 6.7% versus +7.2% in the prior week.

 

The December home price index rose 0.1% versus forecast of +0.3%; the December Case Shiller home price index was +0.2%, in line.

https://www.advisorperspectives.com/dshort/updates/2026/02/24/s-p-cotality-case-shiller-index-home-prices-up-for-fifth-straight-month

 

The February consumer confidence index came in at 91.2 versus projections of 87.0.

https://www.advisorperspectives.com/dshort/updates/2026/02/24/consumer-confidence-inched-up-in-february

 

The February Richmond Fed manufacturing index was -10 versus estimates of -4.

                          https://www.advisorperspectives.com/dshort/updates/2026/02/24/richmond-fed-manufacturing-activity-slowed-february-2026

 

                        International

 

Q4 German GDP grew 0.3%, in line; the March consumer confidence index came in at -24.7 versus -23.1.

 

The January EU CPI was down 0.6% versus expectations of -0.5%.

 

                        Other

 

                          Update on Q1 nowcast.

                          https://www.capitalspectator.com/us-growth-slows-in-q4-but-early-q1-data-signals-a-rebound/

 

            Monetary Policy

 

              Market bets soar that the Fed will cut rates.

              https://www.zerohedge.com/markets/market-bets-soar-fed-will-cut-rates-2-2027

 

            Fiscal Policy

 

              The unseen debt crisis.

              https://www.realclearmarkets.com/articles/2026/02/24/there_is_a_debt_crisis_but_its_unseen_and_not_even_discussed_1166545.html

 

            Affodability

 

              Home prices versus wage growth.

              https://bonddad.blogspot.com/2026/02/repeat-existing-home-prices-continue-to.html

 

            The Dollar

 

              From exceptional to average?

              https://bondvigilantes.com/blog/2026/02/the-us-dollar-from-exceptional-to-average/

 

            Tariffs

 

              Sound and fury signifying nothing.

              https://alhambrapartners.com/weekly-market-pulse-122-or-301-whatever-it-takes/?src=news

 

              Tariffs overturned but fundamentals still rule.

              https://www.morningstar.com/economy/dont-overreact-tariffs-overturned-fundamentals-still-rule

 

            AI

 

              AI is an orchestration layer not a displacement.

              https://www.zerohedge.com/markets/draft-draft-do-not-publish-anthropic-event

                         

              JP Morgan agrees.

              https://www.zerohedge.com/markets/morgan-stanley-thinks-we-may-have-hit-peak-fear-and-its-best-trade-if-we-havent

 

                  The AI boom is powering a nuclear renaissance.

              https://www.zerohedge.com/ai/ai-boom-powering-nuclear-renaissance

 

            Geopolitics

 

              Iran war watch.

              https://www.nakedcapitalism.com/2026/02/iran-war-watch-trump-dithers.html

 

     Investing

 

            The rest of the world pulls ahead.

            https://www.bespokepremium.com/interactive/posts/think-big-blog/rest-of-world-pulls-ahead

 

            The latest from Citadel.

            https://www.zerohedge.com/markets/citadel-macro-guru-outlines-two-competing-forces-driving-market

 

            Foreigners are buying not selling US securities.

            Foreigners Are Buying, Not Selling, US Securities

 

    News on Stocks in Our Portfolios

 

 

What I am reading today

 

            Quote of the day.

            https://www.powerlineblog.com/archives/2026/02/quote-of-the-day-95.php

 

                        Bonus quote of the day.

            https://cafehayek.com/2026/02/quotation-of-the-day-5297.html

 

 

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