Tuesday, 4 December 2012

ISM index drops to 49.5% in November, but I think the market is still ok.

 News from marketwatch:

"U.S. manufacturers contracted in November and activity fell to the lowest level since July 2009, as new orders sank and employment plans were scaled back, according to the closely followed ISM index. The Institute for Supply Management index fell to 49.5% from 51.7% in October. Economists surveyed by MarketWatch had expected the index to remain flat at 51.7%"

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Dear Friends,

ISM poor figures caused the Dow to go below the 200 day MA again. Now it is at 12985 points. The good thing about today is that I think the Dow did not go down much after the poor results. In fact, I may be different from what most experts think.

I still can sense the bullishness in the market. The market simply cant drop much even amid bad news recently with the republican coming out to pour cold water over the fiscal plan!

In fact every drop is met with a rise back. This goes to show the market is bullish. In fact I think the bias in the market is that fiscal cliff will be over by end of year. This is the expectation, so let us play along the expectation until it ends!

With turkey, italy, hong kong, india and quite a few indices at new 52 week high, I think quite a lot of countries are celebrating christmas soon!

Rgds
Daniel
www.danielloh.com



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