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We just got a strong reading from the ISM services report.According to Dave Lutz of Stifel, Nicolaus we just got the “all clear” sign for the economy.
His email to clients was “ISM New Orders Gives The ‘All Clear.'”
Key component of the ISM data at 10am today was the “new Orders” index – Last month the “new Orders” index fell to 54.4 from 58.3. That was the weakest reading since April. After 41 months in a row in expansion territory, another sharp drop would be an ominous sign (Attached SPX overlay) – The New Orders Index just came in at 58.2 – just off 1Y highs.
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