Disclaimer

Disclaimer. After nearly 40 years managing money for some of the largest life offices and investment managers in the world, I think I have something to offer. These days I'm retired, and I can't by law give you advice. While I do make mistakes, I try hard to do my analysis thoroughly, and to make sure my data are correct (old habits die hard!) Also, don't ask me why I called it "Volewica". It's too late, now.

BTW, clicking on most charts will produce the original-sized, i.e., bigger version.

Saturday, July 7, 2012

ISM blues

June's (US) service sector ISM was sharply lower, echoing the slide in June's ISM manufacturing index.  Even after extreme adjustment, the slide in the data is obvious.

Payback ... or something worse?  Each additional negative data release makes it more likely it's a more serious slowdown.  If so, what's left in the armoury to save the day?  Bernanke's "helicopter" is struggling.

[Click on charts to enlarge]



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