The Morning Call--Gold Soaring
The Morning Call
7/28/20
The Market
Technical
The Averages (26584, 3239) recouped some of the decline of last Thursday and Friday. The S&P finished back above its June high; the Dow not. Volume was flat, breadth improved. So, it was a ho hum day, technically speaking. But I am sticking with my assumption that the Market’s bias is to the upside.
Gold spiked 2% on big volume, making another new nine year high. The long bond was down fractionally, but there was no break in its upward momentum. The dollar gapped down ¾%. The pin action in both GLD and UUP suggested that they were getting directionally overextended. Some backing and filling would not be surprising.
Gold hitting new highs.
Sad Old Man Rocks making new high
Gold’s message: the world economy is in trouble.
What dollar collapse?
Ilargi: What? Default? Where? Dollar? | naked capitalism
Plus.
Rabobank: The Story Of The Crashing Dollar Is Very Exciting... And Desperately Inaccurate
Monday in the charts.
Dollarpocalypse Sends Gold, Silver, & Crypto Soaring
Fundamental
Headlines
The Economy
US
The July Dallas Fed manufacturing index was reported at -3 versus forecasts of -16.
July Dallas Fed Manufacturing Outlook: "Texas Manufacturing Recovery Continues"
International
Other
Declining confidence macroeconomic management.
Collapsing Confidence in Public Health/Macroeconomic Management
Update on high frequency indicators of the economy.
High Frequency Indicators for the Economy
The coronavirus
Bravo, Sweden.
Sweden: The One Chart That Matters
The Fed
Deutschebank projects Fed balance sheet will hit $20 trillion soon.
China
US/China trade war heating up.
More Declarations of War Signal US-China Cold War Heating Up
Bottom line. Have equities become a bubble.
Have Equities Become a Bubble? - Evergreen Gavekal
News on Stocks in Our Portfolios
Altria (NYSE:MO): Q2 Non-GAAP EPS of $1.09 beats by $0.03; GAAP EPS of $1.04 in-line.
Revenue of $5.06B (-2.5% Y/Y) misses by $20M.
Altria (NYSE:MO) declares $0.86/share quarterly dividend, a 2.4% increase, a 2.4% increase from prior dividend of $0.84.
Sherwin-Williams (NYSE:SHW): Q2 Non-GAAP EPS of $7.10 beats by $1.40; GAAP EPS of $6.48 beats by $1.61.
Revenue of $4.6B (-5.7% Y/Y) beats by $50M.
McDonald's (NYSE:MCD): Q2 Non-GAAP EPS of $0.66 misses by $0.10; GAAP EPS of $0.65 misses by $0.07.
Revenue of $3.76B (-29.6% Y/Y) beats by $30M.
Becton, Dickinson (NYSE:BDX) declares $0.79/share quarterly dividend, in line with previous.
What I am reading today
The ‘super weird’ moons of Mars.
Why the 'Super Weird' Moons of Mars Fascinate Scientists
America’s major cities are being turned into war zones.
America's Major Cities Are Being Turned Into War Zones, And It's Not Going To End In November
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Analyst's Disclosure: I am/we are long bdx, mcd, mo, shw.
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