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END OF MONTH WINDOW DRESSING 0 comments
The media got the headline it wanted: “Dow Positive for 2011”. That’s nice for them even though most indexes were 5% lower for August. We did get a follow-through pop in equities based on certainties more QE is on the way. Even the revived theme: “bad news is good, good news is better” was in play Wednesday. July Factory Orders increased by 2.4% (mostly auto sales) and the August Chicago PMI was weak at 56.6 vs 58.8 but beating estimates of 54. The PMI was the weakest since November 2009. So take your choice about the state of economic conditions.
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