The ECRI's micro dead cat bounce is over... or is it? The ECRI Leading Indicator came in at 120.8 W/W, lower from a previous number of 122.4, revised from 122.0. In practical terms, this means that the annualized change is now back to a double dip predictive -10. Which is a deterioration from last week's actual -9.8. Well, not really - the prior number was just revised to -10.2, meaning all those early chants of ECRI improvement were premature (just as we had expected, as this is merely becoming one more in the endless series of downwardly revised series to mitigate the negative data impact). Either way, the weekly chart speaks volumes. And with all input signals into the ECRI once again deteriorating, we expect the second leg down in the ECRI to continue, revised or not.