July ISM continues the Downtrend

July ISM printed at 10 a.m. at 50.9 on consensus of 54.9 (previous 55.3), as We've maintained, this data series is moving toward sub- 50 or contraction.

I don't think it had anything to do with the early a.m. action as that was right off the bell, it may have contributed, but my guess is that the traders that place limit orders and go to work, placed buys seeing the futures and were just taken to the cleaners. This is why I usually don't pay too much attention to trade before 10:30-11 am.