The shortened week begins with a thud as the POSX continues its rally off fo Friday's bogus economic data. But it is what it is and we must accept the damage these past two days have done to the charts.
For today, we start with a reminder the the POSX has rallied 1.50 and rates have surged by 20 basis points...all since the manufacturing PMIs were released back on Friday. How big of a scam was the data? If you leave out the "flash" numbers that lowered expectations on August 23, then the actual PMIs significantly lower than July. However, since the flash numbers had been used to reset the "expectations", the actual numbers were "better than expected". What a joke. And this is important because the service sector PMIs are due tomorrow at 9:45 and 10:00 ET.
For today, this chart of crude and these eight images:
And these five, lousy charts.
More tomorrow,
TF
