A better than expected Factory Orders print at +2.1% (versus 2.0% expectation) and preior levels revised higher has provided just enough good is bad news to cancel the bad is good news from the ISM miss. Orders were led by a seasonally adjusted 13.7% rise in defense (sequestration?) but inventories remain flat even as shipments rise 1%. IT new orders dropped 2.9% unadjusted and computers and electronics dropped 3.7%. What a market...
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