The Morning Call---Trump's dollar doctrine

 

The Morning Call

 

2/10/26

 

The Market

         

    Technical

 

            Monday in the charts.

            https://www.zerohedge.com/markets/seattle-takaichi-blowouts-spark-buy-everything-day-ahead-catalyst-heavy-week

 

                Monday 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

 

            Software capitulation meets violent rotation.

            https://www.zerohedge.com/the-market-ear/software-capitulation-meets-violent-rotation

 

            Three gold charts to watch.

            https://www.zerohedge.com/the-market-ear/3-gold-charts-we-are-watching-6

 

    Fundamental

 

       Headlines

 

              The Economy

 

                        US

 

December retail sales were flat with November versus expectations of a 0.4% increase; ex autos, they were also flat versus +0.3%.

 

The January small business optimism index was reported at 99.3 versus forecasts of 99.8.

 

                        International

 

                        Other

 

                          Tough to be bearish on US economy.

                          https://www.apolloacademy.com/software-not-a-macro-problem/

 

                          AI capital expenditures---where the cash comes from.

  https://wolfstreet.com/2026/02/07/amzn-goog-msft-meta-orcl-plan-700-billion-in-largely-ai-related-capex-in-2026-heres-where-the-cash-comes-from/

 

 

            Inflation

 

              Inflation expectations.

              https://econbrowser.com/archives/2026/02/is-accelerating-inflation-just-around-the-corner

 

              Part 2.

              https://www.wsj.com/economy/inflation-january-consumer-prices-e1eaed3d?mod=economy_lead_story

 

              The Cleveland Fed inflation nowcast.

              https://econbrowser.com/archives/2026/02/0-68-truflation-y-y-cpi-inflation-rate-as-of-8-february-2026

 

              Used vehicle prices jump in January.

              https://wolfstreet.com/2026/02/06/here-we-go-again-on-inflation-used-vehicle-prices-jump-in-january-expected-to-jump-more-in-record-tax-refund-season/

 

              Expect shelter inflation to continue to decline.

              https://bonddad.blogspot.com/2026/02/expect-shelter-inflation-to-continue.html

 

            Tariffs

 

              An argument for why tariffs are a positive for the US economy.

              https://www.americanthinker.com/articles/2026/02/are_the_us_trade_deficits_an_emergency.html

 

            The Dollar

 

              Trump’s dollar doctrine.

              https://www.realclearmarkets.com/articles/2026/02/09/trumps_dollar_doctrine_weak_currency_strong_nation_1163073.html

 

            Kevin Warsh

 

              A hopeful take on Fed regime change.

              https://www.advisorperspectives.com/commentaries/2026/02/09/federal-change

 

            Geopolitics

 

              Iran war watch.

                          https://www.nakedcapitalism.com/2026/02/iran-war-watch-us-moves-towards-attack-footing-despite-questionable-odds-of-success.html

 

     Investing

 

            Speculative narrative unwinds.

            https://www.advisorperspectives.com/commentaries/2026/02/09/speculative-narrative

 

            Software sell off overdone.

            https://www.ft.com/content/da5eef0b-68c0-45ba-946e-68477d0cc103

           

            Busting three stock market myths.

            https://www.morningstar.com/stocks/beautiful-chart-that-busts-3-stock-market-myths

 

            Citadel on the market and Kevin Warsh.

            https://www.zerohedge.com/markets/new-era-central-banking-citadel-macro-guru-fears-warsh-will-move-fed-put-materially-lower

 

            Goldman: hard assets higher for longer.

            https://www.zerohedge.com/commodities/higher-longer-amid-equity-chaos-goldman-sees-commodity-boost-hard-asset-rotation

 

    News on Stocks in Our Portfolios

 

 

 

What I am reading today

 

            Ten social security mistakes.

                https://alhambrainvestments.com/10-social-security-mistakes-that-can-devastate-retirement-income-2/

 

 

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