The Morning Call
10/1/21
The
Market
Technical
Thursday in the
charts.
https://www.zerohedge.com/markets/slumptember-big-tech-bonds-bitcoin-bullion-dumped-dollar-jumped
The S&P finished
below its 100 DMA (now support; if it remains there through the close on Monday,
it will revert to resistance). The long
bond ended below its 100 DMA for the third day, reverting to resistance.
Fundamental
Headlines
The
Economy
US
August personal
spending was up 0.8% versus forecasts of +0.6%; personal income was up 0.2%
versus +0.3%; the core PCE was up 0.3% versus +0.2%.
The September Chicago PMI came in at 64.7
versus expectations of 65.0.
International
The August Japanese unemployment
rate was 2.8% versus projections of 2.9%; Q3 large manufacturers index was 18
versus 13, the small manufacturers index was -3 versus -9, the nonmanufacturers
index was 2 versus 0; the September manufacturing PMI was 51.5 versus 52.7
reported in August.
August German
retail sales rose 1.1% versus consensus of +1.5%; its September manufacturing PMI
was 58.4 versus 58.5.
The September EU
manufacturing PMI came in at 58.6 versus estimates of 58.7; the September flash
CPI was +0.5% versus +0.4% in August.
Other
Our enlightened political class’s impact on
the global supply chain.
https://www.linkedin.com/in/edward-yardeni/detail/recent-activity/
The
Fed
How many times
have I said in these pages that the Fed has never, ever successfully managed the transition from easy
to stable money? Now it appears that it is
show time for the unwinding of QE.
https://www.nytimes.com/2021/09/29/business/central-bankers-supply-chains-inflation.html
Biden’s Plan
Another winner, Joe.
Inflation
Stagflation fears intensify.
https://www.ft.com/content/323f4d9f-016c-4510-aa55-ff2c50c8d9a8
Another prominent economist
joins the stagflation camp.
China
orders firms to secure energy supplies ‘at all costs’.
The coronavirus
Game changer.
Bottom line
Anatomy of a
bubble.
https://www.advisorperspectives.com/commentaries/2021/09/30/anatomy-of-a-bubble
News on Stocks in Our Portfolios
Paychex (NASDAQ:PAYX): FQ1 Non-GAAP EPS of $0.89 beats by $0.09; GAAP EPS
of $0.92 beats by $0.11.
Revenue
of $1.08B (+15.9% Y/Y) beats by $40M.
What
I am reading today
In yesterday’s
Morning Call, I linked to an article discussing property rights and the fall of
a society. Speaking of which…………….
https://www.zerohedge.com/political/now-theyve-crossed-line
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for Survival’s website (http://investingforsurvival.com/home)
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