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Its bad news for all the bears still out there as the latest round of economic news is surprisingly strong. Most impressive was the ISM Mfg Index at 57.3 versus 55.5 consensus. Even more scintillating is that the forward looking New Orders component jumped to 63.3.
PMI Manufacturing confirmed the above strength. And just for good measure Construction Spending is also on the rise.
So be sure to keep an eye on the other vital reports this week: ISM Services, ADP Employment, Q3 GDP and November Employment Situation. If they continue to tell a story of economic strength, then expect to hit 1850 before the year ends.
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