We received a couple of positive reports this morning with the ISM manufacturing index showing a print of 52.9 in August, compared to a reading of 48.9 in July. A number above 50 indicates expansion in manufacturing and this morning's report is the highest reading since January 2008 when the print was 50.8.
In addition, we received a report on pending home sales for July, which reported a rise of 3.2% to 97.6--the highest read since June 2007.
Let the good times roll?!?!? Well, we love the positive mood these reports are giving us, but it's still too early to uncork the champagne (no worries, though, we'll definitely let you know when the heydays have returned).
Next up--all day, actually--are August auto numbers. I'm optimistic the Cash for Clunkers deal will set some month-over-month records. Stay tuned...
Todd M. Schoenberger, Managing Director
LandColt Trading, Inc.