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The Morning Call--Sorry, Joe, It Is Not Free

Dec. 02, 2021 8:46 AM ETKR
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The Morning Call


The Market


Wednesday in the charts.


The Dow fell below its 200 DMA; if it remains there though next Monday, it will revert to resistance. The S&P closed below the lower boundary of its short term uptrend for the second day; if it ends there today, it will reset to a trading range.



The Economy


October construction spending was up 0.2% versus expectations of up 0.4%.

Construction Spending Increased 0.2% in October

The November final manufacturing PMI came in at 58.3 versus estimates of 59.1.


The November ISM manufacturing index was reported at 61.1 versus predictions of 61.0.



The October EU unemployment rates was 7.3%, in line; October PPI was 5.4% versus 3.5%.

November Japanese consumer confidence came in at 39.2 versus consensus of 40.0.


October median household income.

Political Calculations: Median Household Income in October 2021

The Fed

The velocity of M2

So You Want to Be a Monetarist!

Fiscal Policy

The absurdity of Biden’s claim that his infrastructure bill is free.

The Biden-Buttigieg Pitch: It's All Free!

News on Stocks in Our Portfolios

Kroger (NYSE:KR): Q3 Non-GAAP EPS of $0.78 beats by $0.11; GAAP EPS of $0.64 misses by $0.07.

Revenue of $31.9B (+7.3% Y/Y) beats by $680M.

What I am reading today

Bitcoin and electricity

Bitcoin and Electricity - Marginal REVOLUTION

Assured misery.

Assured Misery

Fossil fuels are good.

Let's Go Brendan! (fossil fuels to the rescue, explains SPIKED political editor) - Master Resource

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Analyst's Disclosure: I/we have a beneficial long position in the shares of kr either through stock ownership, options, or other derivatives.

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