The Morning Call---Ooooops

 

The Morning Call

 

8/7/26

 

The Market

         

    Technical

 

            Thursday in the charts.

https://www.zerohedge.com/markets/bonds-battered-big-tech-issuance-black-gold-bounce-stocks-keep-sliding-credit-reveals?gift=eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJuaWQiOiIxMTIwNjQ3Iiwic2VuZGVyVWlkIjoiUUhnc3BaZVVFS2E3RHhXM216eFlKbjhaWEFoMiIsImlhdCI6MTc4NjA0Nzg5MywiZXhwIjoxNzg4NjM5ODkzLCJhdWQiOiJ6aC1naWZ0In0.8RTAzyE_57DfThxXNS_FGlzcqAzJaSLyx7CajT18mDc

 

            Thursday in 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

 

            Retail traders turning defensive (this is not what they said two days ago).

https://www.zerohedge.com/markets/fomo-oh-no-retail-traders-flip-defensive?gift=eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJuaWQiOiIxMTIwNjMyIiwic2VuZGVyVWlkIjoiUUhnc3BaZVVFS2E3RHhXM216eFlKbjhaWEFoMiIsImlhdCI6MTc4NjA0MzI4MiwiZXhwIjoxNzg4NjM1MjgyLCJhdWQiOiJ6aC1naWZ0In0.Icvs6W_u_xw5x6qQMypwuYS2OnsHOjNBCKsZ593yFiM

 

                        Here is another flip flop.

https://www.zerohedge.com/markets/bofa-sentiment-gauge-hits-most-extreme-bullish-level-2021?gift=eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJuaWQiOiIxMTIwNzE4Iiwic2VuZGVyVWlkIjoiUUhnc3BaZVVFS2E3RHhXM216eFlKbjhaWEFoMiIsImlhdCI6MTc4NjEwNjk5MywiZXhwIjoxNzg4Njk4OTkzLCJhdWQiOiJ6aC1naWZ0In0.dT0tFya1wFBYh5g5kvSJFNsXrD6k67gW59yLY5luuNQ

 

 

            Tech trading soft around the edges.

            https://talkmarkets.com/article/soft-around-the-edges-1786030899

 

            The Market recovered; leadership didn’t.

https://www.zerohedge.com/the-market-ear/market-recovered-leadership-didnt?gift=eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJuaWQiOiIxMTIwNjIxIiwic2VuZGVyVWlkIjoiUUhnc3BaZVVFS2E3RHhXM216eFlKbjhaWEFoMiIsImlhdCI6MTc4NjA0MjYxNSwiZXhwIjoxNzg4NjM0NjE1LCJhdWQiOiJ6aC1naWZ0In0.eFq0JyOF0swk1puYqhYw_JZLib18BeL26vHtNwGNeqA

 

Friday morning setup: rapidly changing following the nonfarm payroll report (see below).

 

    Fundamental

 

       Headlines

 

              The Economy

 

                        US

 

July nonfarm payrolls declined 23,000 versus forecasts of an increase of 80,000 (Oooops); the unemployment rate was 4.1% versus 4.2%.

                          https://www.zerohedge.com/markets/july-jobs-shock-us-lost-23k-workers-below-lowest-estimate-unemp-rate-drops-41

 

                          July average hourly earnings were up 0.1% versus predictions of +0.3%.

 

                        International

                       

The June Japanese leading economic indicators came in at   116.4 versus consensus of 116.5; June household spending fell 6.4% versus -3.1%.

 

The June German trade balance was +E15.4 billion versus expectations of +E17.4 billion; June industrial production was up 0.2% versus +0.1%.

 

The July Chinese trade balance was +$112.5 billion versus estimates of +$107.0 billion.

 

                        Other

 

                          New home prices rise back above affordability level.

                          https://politicalcalculations.blogspot.com/2026/08/new-homes-rise-back-above-affordability.html

 

                          Low jobless claims number points to lower unemployment rate.

                          https://bonddad.blogspot.com/2026/08/very-positive-superlow-new-jobless.html

 

            Iran

 

              Overnight news.

              https://www.zerohedge.com/geopolitical/yemen-war-reignites-houthis-intensify-saudi-shipping-attacks-ground-assault-amid

 

              The turmoil around US weapons’ supplies.

              https://www.zerohedge.com/geopolitical/camp-david-clash-trump-hammered-hegseth-misleading-him-arms-supply-wapo-reports

 

            Monetary Policy

           

              Trump calls are adding to Warsh’s dilemma.

              https://www.capitalspectator.com/trumps-calls-to-warsh-add-political-crosscurrent-to-feds-path/

 

     Investing

 

            The frenzied serenity of the stock market.

            https://www.acadian-asset.com/investment-insights/owenomics/the-frenzied-serenity-of-the-stock-market

 

            A look at YTD stock performance and what it could mean going forward.

            https://www.carsongroup.com/insights/blog/a-flat-july-for-the-sp-500-reveals-possible-futures-in-the-details/

 

            Strategy not tactics are the key to meeting your investment goals.

                Why We Believe Strategy, not Tactics, Is Often the Key to Meeting Investing Goals - Wealth Management - Carson Group

 

            Hyperscalers’ bond spread blow out.

                        https://www.zerohedge.com/markets/hyperscaler-bond-spreads-blow-out-after-google-shocks-another-25-billion-bond-offering

 

    News on Stocks in Our Portfolios

 

 

 

What I am reading today

 

            The invasion of Europe.

            https://www.zerohedge.com/geopolitical/if-real-we-are-cooked

 

 

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