Commentary below
A few items to take away from the above charts:
First, is that we are seeing some PMI turning up but the economy and the market not. Second, we are seeing ISM turning up and the market not. The divergence in the bottom picture we saw a little of back in March of ’09 which was right when China set out with its stimulus and the market surged. So, the question is where is the market’s white knight? Also, could it be that the numbers are not as good as they appear. See my next post on some of the details of the ISM that are very telling New Orders and Inventories…
