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Yesterday I said that stocks will likely stay range bound under the 50 day moving average unless there is truly "SPECTACULAR" economic data. And indeed spectacular data was served up Thursday with the best ISM Services reading since the Great Recession.
It came in at 58.6 versus the 55.0 estimate. Even better is that the forward looking New Orders component jumped to 60.5, which means more good times ahead for the largest part of the economy.
Let's put the pieces together. Last week we found that Q2 GDP was actually a much more impressive +2.5%. This week we found that both the manufacturing and service economies are spiking higher. If that is not cause for a breakout higher, then I don't know what is. And yet stocks wilted as they approached the 50 day.
Perhaps investors want a touch more proof of well-being from the employment picture which is on tap this morning. Or perhaps they want to know the final decision on Syria. Or perhaps it just that stocks take a meandering path and it's hard to predict each twist and turn.
With history as my guide, improving economic data has almost always equated to higher stock prices. Perhaps that will happen soon enough and perhaps we are best served being amply long stocks now for when it finally happens.
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