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Much like yesterday’s Chinese PMI chart, today’s ISM non-manufacturing chart found itself a little hook higher (see chart). What happens on the margin matters most to our macro models, and this, on the margin, was another better than toxic economic report.

The bears traps are still land locked in a thesis that bottomed in November, not only locally here in the USA, but globally. In December/January, things started to get “unstuck”, and that’s why equity markets, globally, continue along this path that we have been calling for – “Re-flation”…

Keith R. McCullough
CEO & Chief Investment Officer