The Morning Call
9/2/22
The
Market
Technical
Thursday in the
charts.
https://www.zerohedge.com/markets/good-news-sparks-september-slump-stocks-bonds
Lack of momentum
is a problem.
https://www.zerohedge.com/markets/massive-momentum-structure-stock-market-breaking-down
Expect erratic
markets near term.
https://www.zerohedge.com/the-market-ear/cnjd58zhq4
Will the dollar
strength continue?
https://www.zerohedge.com/markets/dollar-index-surges-above-covid-panic-highs-gold-back-below-1700
Fundamental
Headlines
The
Economy
US
July construction spending fell 0.4%, in line.
https://www.calculatedriskblog.com/2022/09/construction-spending-decreased-04-in.html
The August manufacturing PMI came in at 51.5
versus projections of 51.3.
The August ISM manufacturing
index was reported at 52.8 versus consensus of 52.0.
August nonfarm
payrolls rose 315,000 versus expectations of 300,000; the unemployment rate was
3.7% versus 3.5%.
International
The July German
trade balance was +E4.9 billion versus estimates of +E6.2 billion.
July EU PPI was
+4.0% versus predictions of +2.5%.
Other
Update on median household income.
The
Fed
Commodity prices are suggesting that the Fed (money)
is tight.
https://scottgrannis.blogspot.com/2022/08/commodities-say-fed-is-pretty-tight.html
The importance of
QT.
https://www.ft.com/content/4a9c0365-7389-44f0-bbb5-126e4d360ca8
The cavalry ain’t comin’.
https://www.zerohedge.com/markets/memo-wall-street-monetary-cavalry-aint-coming
But will it?
The impossible position of the Fed (must read).
Inflation
Inflation tightens its grip on Europe.
https://www.nytimes.com/2022/08/31/business/eurozone-inflation.html
Bottom linie
The importance of the entry price.
https://verdadcap.com/archive/the-size-factor
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