National economic data released today comes with asterisks because of Hurricane Irma, although there are yellow flags with respect to some of the reports for the downward revisions.  That said, the most important release of the day is the Empire State Federal Reserve report on manufacturing.  Momentum is holding up after hitting a three year high in August.

Several key components have gotten stronger:

• New orders 24.9 from 20.6
• Shipments 16.2 from 12.4

Employment 10.6 from 6.2

Even with the robust numbers on regional manufacturing, I must admit I’m surprised at the resolve in today’s session. 

Have a great weekend..