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The Morning Call---QEInfinity But Not Forever

Dec. 17, 2020 9:12 AM ETACN, GIS, MO, MSM
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Value, Growth At A Reasonable Price, Dividend Investing

Seeking Alpha Analyst Since 2010

Steve Cook received his education in investments from Harvard, where he earned an MBA, New York University, where he did post graduate work in economics and financial analysis and the CFA Institute, where he earned the Chartered Financial Analysts designation in 1973. His 46 years of investment experience includes institutional portfolio management at Scudder. Stevens and Clark and Bear Stearns, managing a risk arbitrage hedge fund and an investment banking boutique specializing in funding second stage private companies. Through his involvement with Investing for Survival and Seeking Alpha, Steve hopes that his experience can help other investors build their wealth while avoiding tough lessons that he learned the hard way.

The Morning Call


The Market


Wednesday in the charts.

Dollar Drops As Gold & Crypto Pop On Fed Flop, Washington Slop

Technicals are near the breaking point.

To The Breaking Point...

What a Santa Claus rally would tell you about the stock market performance in 2021.

This is what a Santa Claus rally would tell you about stock market performance in 2021



The Economy


Weekly jobless claims were up 885,000 versus expectations of 800,000.

Initial Jobless Claims Surge To Highest In Almost 4 Months

October business inventories rose 0.7%, in line.

November housing starts were up 1.2% versus consensus of unchanged; building permits were up 6.2% versus unchanged.

Despite Homebuilder Sentiment Slip, Permits Soar To 14 Year Highs On Renter-Nation Rebuild

The December housing market index came in at 86 versus estimates of 88.

NAHB Housing Market Index: Second Highest Reading Despite Decline

The December flash manufacturing PMI was 56.5 versus predictions of 55.7; the services PMI was 55.3 versus 55.9; the composite PMI was 55.7 versus 57.0.

US PMIs Slow In Early December Data As Services Slump, Prices Soar

The December Philadelphia Fed manufacturing index was reported at 11.1 versus forecasts of 20.0.


November EU CPI came in at -0.3%, in line.


The Treasury yield curve continues to steepen.

US Treasury Yield Curve Steepens To 3-Year High

Architecture billings were down in November.

AIA: "Architecture billings lose ground in November"

The Fed

The FOMC wrapped up its December meeting yesterday. In its official statement, it (1) sounded slightly more upbeat about the economy, (2) left rates unchanged, (3) left the current magnitude of QE bond purchases unchanged, (4) along with its liquidity swap and repurchase agreements with other central banks. However, it did make one alteration in its language---adding the caveat that QE would continue until there is substantial improvement in the economy. In other words, it is now QEInfinity but not Forever.

Fed Leaves All Policies Unchanged, Will Keep QE Until "Substantial Further Progress" Made

The Bank of England left rates and bond buying program unchanged.

Bank of England Leaves Rates, Asset Purchases On Hold Ahead Of Brexit Conlcusion

The coronavirus

Did the coronavirus safety measures kill the flu season?


Pfizer closely monitoring worker after severe adverse reaction to vaccine.

Pfizer "Closely Monitoring" Alaska Health Worker After "Serious Adverse Reaction" To Vaccine


China retrenches ‘belt and road’ initiative.

China Retrenches on Belt and Road Initiative as Defaults Rise | naked capitalism

Bottom line. How one investor is managing the ‘bubble’.

When Stocks Moon - Upslope Capital Management

There is no shame in losing money in a stock.

Lost Money on Stocks? Have No Shame - Safal Niveshak

News on Stocks in Our Portfolios

General Mills (NYSE:GIS): FQ2 Non-GAAP EPS of $1.06 beats by $0.09; GAAP EPS of $1.11 beats by $0.13.

Revenue of $4.72B (+6.8% Y/Y) beats by $70M.

Accenture (NYSE:ACN): FQ1 Non-GAAP EPS of $2.17 beats by $0.12; GAAP EPS of $2.32 beats by $0.26.

Revenue of $11.76B (+3.5% Y/Y) beats by $400M.

Accenture (NYSE:ACN) declares $0.88/share quarterly dividend, in line with previous.

Altria (NYSE:MO) declares $0.86/share quarterly dividend, in line with previous.

MSC Industrial Direct (NYSE:MSM) declares $0.75/share quarterly dividend, in line with previous.

What I am reading today

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 acn, gis, mo, MSM.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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