Perhaps some rationality is returning to this highly inflated stock market after all. Newly disappointing manufacturing data gives the market pause:
That's not much of a drop but it's certainly indicative that orders aren't picking up in advance of an expected recovery. The stock market is headed down right now. I have renewed hope of being able to obtain SPY and EFA at decent prices by the end of the year.
The Institute for Supply Management said its index of manufacturing activity in September slipped to 52.6 from 52.9 in August, well below analysts' expectations of 54. It was the second month in a row the reading came in above 50, which indicates growth, after contracting for 18 months.
That's not much of a drop but it's certainly indicative that orders aren't picking up in advance of an expected recovery. The stock market is headed down right now. I have renewed hope of being able to obtain SPY and EFA at decent prices by the end of the year.
