It’s been a pedestrian session thus far, but that only proves stocks are in strong hands. Major Wall Street firms came out swinging this morning.
Mega cap names reversed the pre-opening weakness to edge higher, as traditional haven sectors stumbled, except Utilities, which are rocking today.
I’m digging the action in Materials but a little dismayed with Industrials.
The same firms that have been trying to scare the heck out of investors all year long appear to be the ones panicking.
Meanwhile, there are more signs the economy is slowing. The ISM Service report was much weaker than even the headline miss suggests.
US Service ISM:
- Index 50.3 (last 51.9)
- New orders 52.9 (last 56.1)
- Price paid 56.2 (59.6)
- Employment 49.2 (50.8)
- Exports 59 (60.9)
-Supplier deliveries 47.7 (48.6)
- Backlogs 40.9 (49.7)
- Inventory sentiment 61 (48.9)
So far so good but the week is early.
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