Disappointment was high when the ISM   manufacturing number was released. Economists called for a slight drop from the previous month to 55, but the actual was down to 53.6. Again, comparatives should be easy these days.

With our inventory restocking cycle theory in mind, it does look like we are continuing to see a trend that shows an end to the efforts of end-sellers (retailers etc) bulking up from a time that they were woefully understocked. Now it will be a waiting game to see if this holiday season drained inventory enough to start-up another manufacturing upsurge.

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Disclosure: Horowitz & Company clients may hold positions of securities mentioned as of the date published.