CHART OF THE DAY: No Positive Y-Axis Is Safe!

With the “why” being such a rear-view focal point for Tourists, the ISM Services report yesterday was a sight to see:

A) As you can see in today’s Chart of The Day, ISM Services ripped to a new Cycle High of 63.7 in MAR
B) The low of The Cycle was back in April of 2020 at 41.6

As long-time Hedgeye Partner (and one of my Macro Research teammates), Dr. Drake wrote to subscribers yesterday:

It’s post-pandemic Macro Poetry.

A) Headline ISM rose +8.4 points to a New ATH at 63.7 while New Orders jumped a cartoonish +15.3 points sequentially to an ATH at 67.2   
B) Current Activity surged +13.9 points to 69.4 while Employment and Prices also realized notable gains

ATH = All-time-high. And all-time, is a long time.