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Following
this morning's "unexpectedly" weak June Institute for Supply
Management report, we now have manufacturing PMI readings for key economic
zones -- Europe, China, Japan, and the U.S. -- sitting below the levels that
prevailed at the start of the 2007 recession.
 
While that
doesn't necessarily mean we are headed for another synchronized global
downturn, it does suggest that now is not the time to be thinking like some
clueless equity trader or Wall Street "strategist."
Michael J. Panzner
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