The Morning Call
11/2/22
The
Market
Technical
Tuesday in the
charts.
Can we melt up?
https://www.zerohedge.com/the-market-ear/vacuum
Small caps over
large caps.
https://allstarcharts.com/chart-of-the-day-biggie-over-smalls/
Bonds rally on
yield curve inversion.
Fundamental
Headlines
The
Economy
US
Weekly mortgage
applications fell 0.5% while purchase applications were down 0.8%.
September job
openings (JOLTS) totaled 10.7 million versus forecasts of 10.0 million.
https://www.advisorperspectives.com/dshort/updates/2022/11/01/september-job-openings-labor-turnover
September construction
spending rose 0.2% versus predictions of -0.5%.
https://www.calculatedriskblog.com/2022/11/construction-spending-increased-02-in.html
The October
manufacturing PMI was 50.9 versus expectations of 49.9.
The October ISM
manufacturing index came in at 50.2 versus consensus of 50.0.
The October ADP
private payroll report showed an increase in jobs of 239,000 versus projections
of 195,000.
International
The September
German trade balance was +E3.7 billion versus estimates of +E0.7 billion; the October manufacturing PMI
was 45.1 versus 45.7.
The October EU manufacturing
PMI was 46.4 versus forecasts of 46.6.
Other
September
median household income.
October
regional Fed bank manufacturing index overview.
The
Fed
The Bank of Japan’s ‘pivot’ looms as a major
risk to markets.
https://www.ft.com/content/7dc54c2c-898e-4c96-b312-dad57e250a61
Another must read from Barry Ritholtz.
https://ritholtz.com/2022/11/when-your-only-tool-is-a-hammer/
Peak Fed hawkishness is still a ways off.
https://www.zerohedge.com/markets/peak-fed-hawkishness-means-sustainable-rally-still-way
Inflation
Inflation isn’t going away any time soon.
https://reason.com/2022/10/31/dont-bet-on-inflation-going-away-soon/
The US diesel shortage is worsening.
https://www.nakedcapitalism.com/2022/11/the-u-s-diesel-shortage-is-worsening.html
More
pressure on food prices.
https://www.zerohedge.com/economics/food-inflation-revisited
Recession
A different kind of recession indicator.
http://mrzepczynski.blogspot.com/2022/10/just-read-newspaper-signal-on-count-of.html
Homebuilders say that they are the edge of a
steep downturn.
https://www.cnbc.com/2022/10/31/homebuilders-say-steeper-downturn-is-coming-as-buyers-pull-back.html
China
Economic lessons
for Chairman Xi.
https://www.ft.com/content/1ea9722a-9706-4c95-b445-e2b3e471c0dc
The
coronavirus
Shades of badness in math and reading scores.
https://www.joannejacobs.com/post/shades-of-badness-in-math-reading-scores
News on Stocks in Our Portfolios
T. Rowe Price (NASDAQ:TROW) declares $1.20/share quarterly dividend, in line with previous
C.H.
Robinson Worldwide press release (NASDAQ:CHRW): Q3 GAAP EPS of $1.78 misses by $0.37.
Revenue
of $6B (-4.8% Y/Y) misses by $320M.
What
I am reading today
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