End of Day Wrap Up (video)

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Brief Commentary on the Latest Action (video)

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Wall Street Waking Up

In yesterday's log entry (posted herein this morning), I suggested that Wall Street is finally coming around to our way of thinking.

Just got a little more evidence of that from this evening's Asia edition of Bloomberg's Markets Live Blog:

Latest Log Entry

6/2/19 Sunday 

This week’s PWA Index came in at a low expansion reading of 10.59. While consumer data is holding up okay, industrial data is waning, and while the financial stress index on balance is okay (+40), spreads are moving in the wrong direction.

U.S. Manufacturers Feeling the Pain of Protectionism

While not quite as threatening as this morning's manufacturing PMI release, ISM's manufacturing survey for May also came in below expectations.

My highlights below of the report's featured responses sum up the long of the short of it:

No Surprises Yet In This Morning's Data

This morning's release of May's manufacturing purchasing managers survey (performed by Markit) should come as no surprise. The 50.5 reading (below 50 denotes recessionary conditions) screams to the impact tariffs are beginning to have on the U.S. economy.

Quote of the Day

We'll be taking a deeper dive into general conditions here on the blog this week, in the meantime macro strategist Cameron Crise pretty much says the short-term like it is: