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Registered Investment Adviser Caleb Lawrence 

The major averages enter the final hour with modest gains on little real news. Earnings data has so far been mixed and includes the usual accounting chicanery to massage the numbers.

The Richmond Fed regional index fell 7 points in October to a still decent 12 on broad based weakness particularly with respect to employment.

The San Francisco Bay Area marks a second consecutive month of meaningful job losses in September after 4,700 positions were lost most in San Francisco and the East Bay. Additionally, 2,400 jobs were lost in August according to the Employment Development Department or EDD. This follows an annualized pace of employment growth of just 1.3%, less than half of the previous figure of 2.9%.

Kansas under Republican Governor Sam Brownback launched an ambitious campaign in 2012 based on trickle-down economics and the now thoroughly discredited Laffer Curve which posits that tax cuts stimulate growth, leading to more activity and higher tax revenues. Compared to its neighbors Missouri, Arkansas, Nebraska, and Oklahoma since 2012 employment growth in Kansas is second to last at just 2.8%. real or inflation adjusted economic growth came in dead last at 4%. Additionally, state debt ballooned resulting in a credit downgrade in the wake of the poorly considered tax cuts that showed once again that trickle-down economics and the Laffer Curve are abject failures.

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