Comments from ISM’s Holcomb on the crappy PMI
- Survey comments how concern of severe weather
- Weather did impact new orders and had impact on raw materials stocks
- Weather doesn’t account for entire slowdown
- Other comments show cautious optimism
- Spread between orders and stocks good news
That’s a bit of a kickin for some bad weather and it doesn’t stop people picking up the phone to place orders if they need them. It would just lead to possible delays on delivering. This is the type of rubbish we put out when we get 2cm of snow once a year.
Adds;
- Drop in inventories clearly unintended
- Outlook for 2014 remains solid, remains optimistic given gains overseas
- January report a blip on the screen
The dollar has taken beating down to 101.30 crunching through the tech support at 101.50/60. Next in line is the 50 fib of the Oct swing up at 101 and the 100 dma at 100.94.
US 10’s have tumbled to 2.613% while gold has touched $1264.84