They had to restate the PMI number a couple of times this morning before they got it right.
I had not realized that they seasonally adjust these surveys. Do they seasonally adjust opinion polls too?
These markets are already acting like the dog days of summer, with an upward bias on sleepy volume.
There is a yawning divergence between Bonds and Stocks. I suspect this might be due to Fed interference on the Bond side, which we know about, as well as some free range tinkering with values on the Stock side.
Either way, this is going to end badly. I have an open mind to a summer slump, but unless something happens to provoke more selling at higher volumes we may just muddle along until something more traditional in the autumn, and event inspired. This is a midterm election coming up after all.
I found these words from Daniel Ellsberg below about Snowden and some other things to be worth hearing.
Have a pleasant evening.
