The Morning Call---Violating Ferguson's Law

 

The Morning Call

 

2/11/26

 

The Market

         

    Technical

 

            Tuesday in the charts.

            https://www.zerohedge.com/markets/software-pops-financials-flop-bad-data-sparks-bond-bid-rate-cut-hopes

 

            Tuesday 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

 

            Charts on the longer term.

            https://talkmarkets.com/content/stocks--equities/a-warsh-washout?post=554321

 

            Gold flushed $13 billion and is still standing.

            https://www.zerohedge.com/the-market-ear/gold-just-flushed-137bn-and-its-still-standing

 

    Fundamental

 

       Headlines

 

              The Economy

 

                        US

 

Weekly mortgage applications fell 0.3% while purchase applications were down 2.4%.

 

Month to date retail chain store sales grew 6.5% versus 6.7% in the prior week.

 

January nonfarm payrolls grew 130,000 versus consensus of 40,000; the unemployment rate was 4.3% versus 4.5%.

                                                  https://www.zerohedge.com/markets/us-unexpectedly-adds-130k-jobs-january-most-2024-amid-massive-negative-revisions

 

                        International

 

                          January Chinese CPI came in at +0.2% versus projections of +0.4%.

 

January Japanese YoY machine tool orders grew 25.3% versus estimates of +9.5%.

 

                        Other

                       

                          No reason to change your economic expectations.

                          https://alhambrapartners.com/monthly-macro-monitor-plus-ca-change/?src=news

 

                          The attribution of job losses.

                          https://econbrowser.com/archives/2026/02/announced-job-layoffs-attributed-to-ai

 

                          Mixed economic signals.

                          https://www.capitalspectator.com/mixed-economic-signals-complicate-fed-rate%e2%80%91cut-path/

 

                          The implications of yesterday’s poor retail sales number.

                          https://bonddad.blogspot.com/2026/02/real-retail-sales-turn-down-monthly-and.html

 

                          Consumer debt delinquencies soar.

                          https://www.zerohedge.com/markets/us-consumer-debt-delinquencies-soar-highest-2017-while-office-delinquencies-hit-record-high

 

            Fiscal Policy

 

              Debt solutions that don’t address why there is debt.

              https://www.realclearmarkets.com/articles/2026/02/10/national_debt_solutions_that_dont_address_why_theres_debt_1163206.html

 

              Liberty eroding, gold rising.

              https://thedailyeconomy.org/article/liberty-eroding-gold-rising-30-years-of-warning/

           

              Violating Ferguson’s Law.

              https://www.powerlineblog.com/archives/2026/02/crossing-fergusons-law.php

 

              The largest act of deregulation in US history.

              https://www.zerohedge.com/technology/largest-act-deregulation-us-history-trump-admin-repeal-obama-era-greenhouse-gas-finding

           

     Investing

 

            Bitcoin’s slide is a legitimacy test.

            https://www.realclearmarkets.com/articles/2026/02/10/bitcoins_slide_isnt_a_market_panic_its_a_legitimacy_test_1163477.html

 

            A cure for investment anxiety.

            https://www.safalniveshak.com/cure-for-investment-anxiety/

 

            Relative order in the stock market.

                https://politicalcalculations.blogspot.com/2026/02/the-s-500s-relative-order-continues.html

           

            The portfolio concentration debate.

            https://talkmarkets.com/content/stocks--equities/the-portfolio-concentration-debate?post=556467

 

            Why consensus fails.

            https://ofdollarsanddata.com/why-consensus-fails/

 

            Is it a good sign when executives buy their own stock?

                        https://www.wsj.com/finance/stocks/is-it-really-a-good-sign-when-executives-buy-their-own-stock-we-ran-the-numbers-2655b232?mod=hp_lead_pos8

 

            Bond market faces historic shock.

                        https://www.zerohedge.com/markets/bond-market-faces-historic-shock-mag-7-giants-turn-cash-flow-negative-fund-capex-tsunami

 

    News on Stocks in Our Portfolios

 

 

 

What I am reading today

 

            House goes after dark money NGOs.

            https://www.zerohedge.com/political/will-bombshells-drop-tuesdays-dc-hearing-foreign-influence-americas-ngos

 

 

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