CHART OF THE DAY: ISM New Orders

What was bad yesterday? The SEP ISM report was way worse than any of the 2022 Bulls (or CFOs) ever called for:

1. ISM Manufacturing #slowed to a 29-month Cycle Low of 50.9 in SEP vs. 52.8 in AUG
2. ISM NEW ORDERS #slowed, big time, to 47.1 in SEP vs. 51.3 in AUG
3. ISM EMPLOYMENT #slowed, big time, to 48.7 in SEP vs. 54.2 in AUG

So, seeking desperately for a new narrative, that’s when Bond Yields fell and Brokers started barking like dogs to BUY STAH-KS!