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Strategies & Market Trends : Classic TA Workplace

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To: AllansAlias who wrote (46218)	7/18/2002 12:09:37 PM
From: Sully-	Read Replies (1) of 209892

12:08 ET Stocks hit by Philly Fed : The Dow fell about 60 pts on the Philly Fed data. Though the report was clearly weaker than consensus, anyone who looks at the history of this series vs national economic trends would be amazed at the size of this market reaction. This manufacturing survey encompasses only the Philly Fed district, and the overall index simply questions respondents on their sentiment about business (a very unscientific reading). If you look at the various questions about orders, shipments, etc and then calculate an index using the ISM index methodology, the Philly index would have fallen to 49.2% from 54.4% - still a decline, but not nearly as bad as the 22.2 to 6.6 plunge suggests. 12:00 ET Philly Fed index falls to 6.6; much weaker than 18.0 consensus : The always volatile Philly Fed manufacturing index didn't fail this month - it fell sharply to 6.6 in July from 22.2 in June, well below the 18.0 consensus. This might prompt a brief market reaction, though it should be noted that such volatility is normal for this index and seldom tells us much about the direction of the overall economy.

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