ISM Also Misses

Yesterday it was Chicago PMI, today ISM which came in at 50.8 on expectations of 51.8. The worst component in the ISM was prices which fell from 56 to 41, further giving evidence that the 12 month forward looking EPS of stock's earnings is rolling over.

Being the "FAD" is meeting tomorrow I believe, discussion is certainly warranted, however fast moving events in Europe have made that difficult. I would like to just remind you of you know what... "The FAD knee jerk reaction". Members who have been here long enough have seen it time and time again, the original reaction is reversed within hours or a day or two. In fact if I remember correctly, the last reaction was initially bad and then gave birth to the start of this consolidation period after the market had fallen badly.

I'll try to fit in some discussion at some point on this week's FOMC meeting.