ISM is a leading Indicator ( Can you say Recession)

Meaning that it a guide as to how the future economy is expected to perform. This presents a real challenge for Yellen to come up with a complete bullshit reason to raise rates, since that window closed last March and it ain’t coming back.

WASHINGTON (MarketWatch) – U.S. manufacturers grew at the slowest pace in November since the current economic expansion that began in mid-2009, a survey of executives found. The Institute for Supply Management said its manufacturing index fell to 48.6% last month from 50.1% in October, marking the lowest level since June 2009. Economists surveyed by MarketWatch had expected the index to total 50.5%. Readings under 50% indicate more companies are contracting their business instand of expanding. The ISM’s new-orders index sank 4 points to 48.9%, the lowest reading in more than three years. Exports were also weak again. Yet the employment gauge rose 3.7 points to 51.3%. In a separate report, the private research firm Markit said its final PMI manufacturing index finished at a 25-month low of 52.8% in November. Around the world, manufacturing indexes in China and Canada remained in negative territory, but surveys in Japan, the U.K. and the eurozone showed modest expansion.

More uncertainty, more to lose sleep over and who are these people?

There is no sane reason to raise rates, I am buying cigarettes, whiskey and canned goods, its time to go underground. we are fucked.

But not till $SPY hits a new HOD today on the huge euro rally coming along with crude prices. Welcome to the aslym.