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Strategies & Market Trends : Steve's Channelling Thread
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To: Rich1 who wrote (19339)6/29/2001 10:50:28 AM
From: John Pitera  Read Replies (1) of 30051
 
R1, the Sept bond has certainly had a big sell off since
yesterday midmorning. 2 big figures.

It stands to reason with the technicals and the strong econ.
data

While the 44.4% read on the Chicago PMI report is a significant improvement from the sub-40% readings of the prior three months and the highest level since November, the improvement hardly suggests a vast improvement in the manufacturing sector sunk in recession. The move higher since March's 35% low does suggest the worst is behind, however. Production, new orders, backlogs and employment all showed stronger levels though all remain at contraction levels (employment at 35.6%). Prices paid (input costs) fell to 51.0% and argue that the squeeze on manufacturers' is lessening given the lack of pricing power which leave output prices falling. The improvement in both the Chicago PMI and Phil Fed index argue for a rise in NAPM from May's 42.1% level.
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