In case you missed it, October’s ISM Manufacturing Report was no good—it was downright recessionary.
“In this specific cycle, that's probably the most important to track because all of these industrials—as Caterpillar (CAT) shows—are just draining their order backlog to generate earnings, and that backlog continued to tick back down,” Van Sciver says.
“This is an ugly ISM in every way. There’s nothing about it that’s positive.”
Watch the full clip above.