ISM number the best ever

[bid1234]

W/ the ISM number 65.1 The best reading ever. stocks should rally. It is early in the day but the reaction should be taken seriously. A break on a good number would signal lower prices in the near term. S&P and DOW through their 50 day NDX 50 day1238 and change.

 

[oatman]

I don't know about these things but what is the number based on? Is it best ever or better than ...?


Cheers

 

[bid1234]

Institute for Supply Mgmt a general economic trend number indicating the health of the economy. Widely followed

 

[oatman]

I just heard on Bloomingwotsit that the Index is 7yrs old.

Cheers

 

[2468steve]

Just to add today's number was for the service sector.There is also a seperate ISM number for manufacturing,which the markets tend to look at more seriously.

 

[bid1234]

Todays number was for manufacturing www.ism.ws for details
Formerly called NAPM been around since 1915

 

[benvincent]

W/ the ISM number 65.1 The best reading ever. stocks should rally. It is early in the day but the reaction should be taken seriously. A break on a good number would signal lower prices in the near term. S&P and DOW through their 50 day NDX 50 day1238 and change.

\

The market broke at 10:05am EST, therefore we should be looking at lower prices. Correct? My work shows that we may have made a bottom yesterday in the S&P 500 at 964.75 as long as we don't equal that today, and must close above 989 by Friday's close.

 

[2468steve]

bid1234,
todays numbers were for the service sector(non-manufacturing)
The manufacturing ISM I believe was last week

 

[Skimbleshanks]

My work shows that we may have made a bottom yesterday in the S&P 500 at 964.75 as long as we don't equal that today, and must close above 989 by Friday's close.

I agree on the bottom yesterday, however ... so far today it is looking a little too bearish for my liking, so it may just go down to equal yesterday's low. I wouldn't be surprised if she went down a little lower to take out all the stops - then whoosh upwards. But time will tell, and so far today is an inside bar so she's going to have to move a bit to break out of yesterday's range.

Welcome to T2W by the way.

 

[benvincent]

Thanks for the welcome. Since I work off of two min. charts, I'm watching the market very closely, and I agree with you at the moment, the market does give me that bearish look!

 

[bid1234]

Fast money is getting short here. Aggresive sellers of SPU futures and NDU futures by the macro hedge funds. If we get the normal end of ther day portfolio buy program they may cover.

 

[oatman]

Ah, bid1234, I've heard of Napalm. :cheesy:

 

[bid1234]

3year auction awful, hitting treasuries stocks follow in sympathy on the results