The ISM number is up slightly, but prices paid is a killer (last month pp was 84.5):
MAY ISM MANUFACTURING: 49.6 V 48.5E; PRICES PAID: 87 V 85.0E
- No Revisions
Construction spending was up just a tiny bit, since the number was revised downward quite a bit:
APR CONSTRUCTION SPENDING M/M: -0.4% V -0.6%E
- Prior MoM revised from -1.1% to % -0.6%
And our flipping Fed continues the loans:
FED SETS THREE DAY REPOS, ACCEPTS $4.25B
Trading is all over the place at the moment as the numbers are digested, though it may be causing some heartburn later.
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More on this topic
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Construction spending, ISM better than expect…
(Interest Rate Roundup - Money an..., 7/1/08)
July ISM Manufacturing Weaker than June but "Better than Expected"
(Fund my Mutual Fund, 8/2/10)
Manufacturing in euro zone on the roll
(Investment Postcards from Cape Town, 8/3/10)
VIX +20%
I have to say, based on my experience, that having bear portfolio these days, is much more safer … If there is some “bulls” who are considering to short finally something, just do it.
There are far less bull “surprises” than bad news now… for example ARGN – 13% in few days.. I have to say, that these days it is the most easiest way to make money as bear… Almost all stock are too expensive in such as economy condition… And it seems, that bears are just waking up… just IMHO…
Did huge cracks appear in the sky this morning? CNBC.com homepage printed this. No spin? Adios MIO! It’s the end of the world as we know it.—”Factory activity contracted in May for the fourth consecutive month while inflation pressures surged. Construction spending fell 0.4% in April on continued deterioration in the residential sector.” (source:CNBC.com)