If I see “loose” where “lose” is meant one more time I think I will scream. For the benefit of journalists: “loose” is the opposite of “tight,” “lose” is the opposite of “gain.” Specifically, Chris Christie has lost weight (85lb., good for him) but still has more to lose. If he does, then his belt will become loose.
ISM this morning disappointed anyone hoping for a robust second quarter recovery. The stock market dropped briefly, but then recovered on visions of sugar plums from the Fed. Doubtless Ms Yellen is in the basement whipping the serfs running the printing presses.
Good news is, well, good news. But bad news is even better.
Edit: ISM apparently came out and revised its release – upward, of course, by saying it “had applied the wrong seasonal adjustment factor.” What the h***? – ISM is supposed to be a survey and should not be seasonally adjusted. What a pile of cr*p.
My guess is that there was a phone call from Washington.
Edit: From the “You actually can make this stuff up” department – ISM revises a second time, this time back down to a small miss to expectations. I guess they were sharing the SEC’s porn feed.