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6/4/13, "Oil falls below $93 a barrel after US data," AP, P. Gorondi
"The price of oil fell below $93 a barrel Tuesday as traders scaled back
their optimism about the U.S. economy following a report that showed a
drop in factory activity...."The ISM dropped to 49 in May. That's not weak, that's negative. Below
zero. Under water... best not to look for a rebound next month," DBS
said in a market commentary."...
============================
6/3/13, "Huge Manufacturing ISM Miss And Lowest Print Since June 2009 Sends Markets Soaring," Zero Hedge
"The Manufacturing ISM came out and confirmed that all those "other" diffusion indices were correct, except for the "data"
out of Chicago (yes, shocking). Printing at a contractionary 49.0, this
was a drop from 50.7, well below expectations of 51.0 (and far below
the cartoonish Joe Lavorgna's revised 53.0 forecast). More
importantly, this was the worst ISM headline print since June 2009, the
first sub-50 print since November 2012, while the New Orders of 48.8,
was the worst since July 2012. Both Production and Backlogs
tumbled by -4.9 and -5.0 to 48.6, and 48.0 respectively. In brief, of
the 11 series tracked by the ISM, only 3 posted a reading over 50 in May. This compares to just 2 out of 11 that were below 50
in April. Oh well, so much for this recovery. But the good news for the
market is that today is really bad news is really good news day, and
stocks have soared as according to the vacuum tubes, the result means no
taper. The farce must go on."...
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