ISM MARKET SHORT-SQUEEZE
After the recent releases of many of the regional ISM numbers, which didn't look very strong (save for the Richmond Release), the National ISM number was released this morning at 10AM and was surprisingly good, considering the bulk of the preceding regional reports. This surprise in the strength of manufacturing has produced a broad market 'short-squeeze', with many investors who where predominantly short covering their positions, and therefore temporarily, yet dramatically, adding buy pressure to the markets.
Included in this buying where rises in stocks, the dollar, and commodities. This buying rotation in this buying within this phenomena is reported as being generally more indicative of a reaction to an expectation of a strengthening economy than to an expectation of further Fed QE actions
Now, to see positively trending employment data emerge later this week would be further good news...
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