The Morning Call---early

 

The Morning Call

 

7/2/25

 

I am leaving bright and early Wednesday morning for the beach.  Back on 7/7

 

The Market

         

    Technical

 

            Tuesday in the charts.

            https://www.zerohedge.com/market-recaps/stocks-start-h2-massive-short-squeeze-momo-massacre-bullion-bid-bonds-battered

 

                        Tuesday in the technical stats.

            https://www.barchart.com/stocks/momentum

            https://www.barchart.com/stocks/sectors/rankings

 

            The strengths and weaknesses of breadth indicators.

            https://www.advisorperspectives.com/commentaries/2025/07/01/strength-weakness-trend-tracker

 

    Fundamental

 

       Headlines

 

              The Economy

 

                        US

 

The May jobs openings (JOLTS report) totaled 7.8 million versus estimates of 7.3 million.

https://www.advisorperspectives.com/dshort/updates/2025/07/01/jolts-report-job-openings-may-2025

 

May construction spending fell 0.3% versus projections of -0.2%.

https://bonddad.blogspot.com/2025/07/construction-spending-continues.html

 

The June manufacturing PMI came in at 52.9 versus consensus of 52.0.

https://www.advisorperspectives.com/dshort/updates/2025/07/01/sp-global-manufacturing-pmi-june-2025

 

The June ISM manufacturing index was 49.0 versus expectations of 48.8.

https://www.advisorperspectives.com/dshort/updates/2025/07/01/ism-manufacturing-pmi-contracts-june-2025

 

The July economic optimism index was 48.6 versus forecasts of 50.1.

 

                        International

 

                        Other

 

                          Update on median household income.

                          https://politicalcalculations.blogspot.com/2025/07/median-household-income-in-may-2025.html

 

            Fiscal Policy

 

              The real problem with fiscal policy.

              https://www.realclearmarkets.com/articles/2025/07/01/while_correctly_decrying_big_beautiful_spin_deficit_hawks_should_look_in_the_mirror_1119580.html

 

              Policy uncertainty spikes.

              https://econbrowser.com/archives/2025/06/policy-uncertainty-spikes

 

              And it is little wonder---though this flip flop is for the better.

              https://mishtalk.com/economics/trump-flip-flops-again-with-a-temporary-pass-on-mass-deportations/

 

            Tariffs

 

              This is a positive take on the Trump tariffs.

              https://townhall.com/tipsheet/mattvespa/2025/07/01/we-know-how-much-cash-trumps-tariffs-have-brought-into-the-united-states-n2659713

 

              And a not so positive.

              https://www.ntu.org/publications/detail/foreign-investment-in-us-plummets-by-625-amid-trade-uncertainty

 

     Investing

 

            So far, so good.

            https://www.ft.com/content/6d247f2b-0c0c-44e6-b6cc-25b3b9197091

 

            The trap of certainty.

            https://www.safalniveshak.com/the-trap-of-certainty/

 

    News on Stocks in Our Portfolios

 

 

 

What I am reading today

 

            What we know about the Celts.

            These treasures changed everything we thought we knew about the Celts | National Geographic

 

 

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