The ISM Non-Manufacturing report out today saw the headline number at 55.3, in line with Wall Street consensus.
Prices increased for bacon, copper, corrugated boxes, lumber and steel products. These are great signs for the overall economy and underscores why I’ve focused on materials and industrials.
The market was beginning to sag after bolting out of the gate and is now getting a boost on reports President Trump says military action with North Korea is “not first choice” and Congress passes $7.85 billion in emergency funding for Hurricane Harvey recovery (419 – 3). Bigger hurdles remain, but Congress agreeing on anything is great news these days.
Overall there is an air of trepidation and worry on several fronts, and that’s healthy.
Rallies must be tested.
But, keep looking beyond headlines and knee-jerk reactions. When you know the facts, and connect the dots, you can deal with momentary lulls and pullbacks.
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