Spreadex Market Update
ISM surprises markets
The number, at 51.5, shows significant growth compared to forecasts, potentially illustrating a forthcoming uptick in the broader U.S. economy. Not surprisingly, then, high beta stocks have diverged from their VWAPs, allowing the move to continue into the European close.
Recently, the market has been largely preoccupied with anticipated headline risks, as tensions and outlook in debtor states in Europe worsen and China fails to convince. But all this pessimism and apparent worsening of sentiment has left a potential buying opportunity by way of complacency.
Importantly, however, the market does require something tangible to consider potential upside from here.
And while strong manufacturing numbers are a good point from which to start, whether or not today’s rally can be sustained into a decent jobs number on Friday will likely tell whether the bears have acted prematurely.
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