Wednesday, September 30, 2009

46 Chicago PMI

WOW. Now that is a miss!!! Last month was 50. This month was expected to be between 52 to 54.

I was texting a friend when the news came out. My mouth dropped to the floor and I texted we should be down 200 points today. That is just jaw dropping.

Now should and will mean two different things. We are right on top of that trendline again. Also, end of quarter. I am sure there are some people who have a vested interest in keeping the market from free falling today. Whether they can win or not is another question.

Like I said, yesterday's win by the bears brings my scneario back into play I talked about on Sunday. It makes the ISM number very important tomorrow. Oh and car sales??? Hehehe

By the way, the dollar was going to the toilet last night moving much lower than when I did my post and than Switzerland annouced they intervened to help ruin their currency. That put a bid in the dollar to help stabilize it and cause it to reverse course leading into this number.

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