ISM Services comes in at miserable 48.8 reading

N

Nighthawk

  • Prior month 53.8
  • business activity index 49.6 versus 61.2 last month
  • employment 46.1 versus 47.1 last month
  • new orders 47.3 versus 54.1 last month
  • prices paid 56.3 versus 58.1 last month
The ISM nonmanufacturing is the lowest in four years.

:caution::finger:
 
Order backlogs fell sharply in June, with the gauge showing the fastest rate of contraction since August of last year. An index of export orders for services, while still growing, slid 10.1 points to 51.7 in a sign of sluggish overseas demand.
 
Yet markets all at historic highs


Nasdaq closing in on its 22nd historic high if 2024

At the rate it's moving it should be at 25000 by end of 2024 and over 50k by end of 2026.
 
Slowdown = no growth in the cyclicals so load up on the FANG+ stocks. I think FNGU is up like 17% in the last 3 days (mainly due to TSLA & AAPL). MAGS is up 6.3% unleveraged.

I don't know how long it continues but the long NQ short YM looks pretty good.
 
Nighthawk said:
  • Prior month 53.8
  • business activity index 49.6 versus 61.2 last month
  • employment 46.1 versus 47.1 last month
  • new orders 47.3 versus 54.1 last month
  • prices paid 56.3 versus 58.1 last month
The ISM nonmanufacturing is the lowest in four years.

:caution::finger:
More...


The big boys were simply not interested in ISM numbers;

when the number was released, the market did not react at all.
 
Nighthawk said:
  • Prior month 53.8
  • business activity index 49.6 versus 61.2 last month
  • employment 46.1 versus 47.1 last month
  • new orders 47.3 versus 54.1 last month
  • prices paid 56.3 versus 58.1 last month
The ISM nonmanufacturing is the lowest in four years.

:caution::finger:
More...

Which is good!! More incentive for the Fed to cut rates. Bad news is good news nowadays.
 
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