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Today's Economic Data Docket - ISM
Today's ISM will almost certainly be a major disappointment based on regression analyses, although it will be largely ignored in the major headline onslaught, as the soap opera continues even though at this point the most it can do is lead to a massive market drop since the market has already priced in a successful, if short term, "debt man walking" (thank you Bill Gross) solution.
10:00: ISM manufacturing index (July): Possibly weaker. Goldman forecasts a small decline in the national ISM index for July, despite slightly better results for most of the regional manufacturing surveys. The June ISM was elevated relative to other measures of US manufacturing activity. Among the components, GS would like to see stable or slightly better readings for new orders and production, and an improvement in the new orders/inventories gap. Weakness in the employment component of the Chicago purchasing managers’ index suggests downside risk to the ISM’s employment series.
GS: 54.0; Consensus: 54.5; Last: 55.3.MAP: 5
10:00: Construction outlays (June): Small gain. We forecast a small increase in nominal construction expenditures on a gain in nonresidential building. Residential construction likely declined in a lagged response to past weakness in housing starts.
GS: +0.1%; Consensus: +0.1%; Last -0.6%. MAP: 1
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2.8 trillion reasons why this matters not.
Another reason to rally on. Qe3 will fix everything. Of course we won't have a dollar worth having but the market will be up and we will all feel richer.
this mornings rally will fade, as who really didn't think we would get an agreement? the fear of the debt ceiling relief rally has been a support for the market. contrary to popular belief, the uncertainty is the main reason the market didn't sell off more on the weak data. now it can
Approx voting times for the debt ceiling deal today? Anybody see some last-minute cold feet inducing a panic sell off?
In a normal world, what Obama did last night is nothing short of market manipulation at its finest. But since all of our regulators and the SEC are too busy watching chickswithdicks.com all day every day, no one cares anymore.
I mean really, the man announces a tenative deal for the sole purpose of ramping stocks and 90% of the Congress probably doesn't even know, or has not even seen, the deal on paper.
This country is really full of crooks and devils, and when it all collapses, I dare one freaking bank or business to ask for a bailout again. Then, the real revolution in the streets will begin.
They don't have to ask. They just inform the subsidiary what needs to be done. Voila!
The revolution (a bloody fucking one) would happen if the means for the next Saching [sic] were to be made public and comprehensible before or as it were happening.
In defense of the SEC, modern pornography is pretty mesmirizing. Soon they'll have performers removing eyeballs in order to get ocular penetration. Skull-Fucking for FRNs. Coming soon... (pun intended)
Chf reversing mild dollar bounce & at new highs....au contraire
FX does not trust the deal rally. Look at USD/CHF and USD/EUR. Telling us what is in store for equities?
i like the moniker of the 'trust the deal" rally.
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