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The Morning Call--Gold Soaring

Jul. 28, 2020 9:04 AM ETBDX, MCD, MO, SHW
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The Morning Call


The Market


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


Rabobank: The Story Of The Crashing Dollar Is Very Exciting... And Desperately Inaccurate

Monday in the charts.

Dollarpocalypse Sends Gold, Silver, & Crypto Soaring



The Economy


The July Dallas Fed manufacturing index was reported at -3 versus forecasts of -16.

July Dallas Fed Manufacturing Outlook: "Texas Manufacturing Recovery Continues"



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.

Why Nothing Can Stop Gold: Deutsche Bank Projects Fed's Balance Sheet Will Hit $20 Trillion In "Next Few Years"


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

Visit Investing for Survival’s website (Home | Investing for Survival | Investingforsurvival.com) to learn more about our Investment Strategy, Prices Disciplines and Subscriber Service.

Analyst's Disclosure: I am/we are long bdx, mcd, mo, shw.

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