The ISM report was indeed very weak, coming in at 53.5 against the consensus estimate of 57.5. Like the Chicago PMI yesterday, this was the biggest month to month decline since Lehman's bankruptcy and the lowest print since September 2009 when we were officially just coming out of the recession. Stocks sold off hard immediately.
 |
ISM Manufacturing Index
|
 |
| Russell 2000 Hourly |
The Dollar is still stubbornly low, but we are building a nice positive divergence that is signaling an end to this correction.
 |
| Dollar Index Hourly |
