According to Dave Lutz of Stifel, Nicolaus we just got the "all clear" sign for the
His email to clients was "
He writes:
Key component of the ISM data at 10am today was the "new Orders" index - Last month the “new Orders” index fell to 54.4 from 58.3. That was the weakest reading since April. After 41 months in a row in expansion territory, another sharp drop would be an ominous sign (Attached SPX overlay) – The New Orders Index just came in at 58.2 - just off 1Y highs.