ISM Update

Tuesday, July 01, 2008 | 01:00 PM

A fund manager of my acquaintance -- who has been short and is just killing it lately -- writes in:

NYT:  Stocks bounced around on Tuesday but were decidedly down at midday, as investors weighed a strong report on the manufacturing industry against concerns about pricey oil and ailing banks. (emphasis added).

Cramer liked that report too, said it provided evidence that we’re not going into a recession.

Do these people read the reports?  New orders, down. Employment, down. Backlog, down.  Inventories, up. Prices paid, at a multi-year record. 

Money quote from the ISM bossman: “When viewed from the manufacturer’s perspective, they are experiencing higher prices for their inputs while demand for their products is slowing.’

I was going to take apart ISM (a/k/a Chicago Survey of Purchasing Managers, or PMI) this morning, but Mike did such a good job, there's no need for me to even bother:

ISM is up, but it isn't good new


See also:
Automakers Worst Month Since 1992

Tuesday, July 01, 2008 | 01:00 PM | Permalink | Comments (17) | TrackBack (0) add to | digg digg this! | technorati add to technorati | email email this post



TrackBack URL for this entry:

Listed below are links to weblogs that reference ISM Update:


The biggest jump was in the category "customers' inventories," from 47 to 55. And the market and Cramer see that as a good thing?

In the short term, both the market and Cramer may be fools. But in the long run, Cramer will likely stand alone. ;-)

Posted by: Bob_in_MA | Jul 1, 2008 1:21:34 PM

The comments to this entry are closed.

Recent Posts

December 2008
Sun Mon Tue Wed Thu Fri Sat
  1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31      


Complete Archives List



Category Cloud

On the Nightstand

On the Nightstand

 Subscribe in a reader

Get The Big Picture!
Enter your email address:

Read our privacy policy

Essays & Effluvia

The Apprenticed Investor

Apprenticed Investor

About Me

About Me
email me

Favorite Posts

Tools and Feeds

AddThis Social Bookmark Button

Add to Google Reader or Homepage

Subscribe to The Big Picture

Powered by FeedBurner

Add to Technorati Favorites


My Wishlist

Worth Perusing

Worth Perusing

mp3s Spinning

MP3s Spinning

My Photo



Odds & Ends

Site by Moxie Design Studios™