New York Session - August 31, 2009 4:51 PM

Month-end mayhem continued to dominate the NY trading price action in a session where inter-market correlations broke down. US equities dropped nearly -1% on the heels of the slip in global stock marts. Not even better than expected Chicago PMI data could bolster the market today. The report printed an above consensus 50 read for August, putting it right on the midpoint between growth and contraction. The details suggest the results were largely influenced by the government’s “Cash for Clunkers” bailout and we would take the improvement with a grain of salt as it could prove short-lived. The employment component improved but is still a dismal 38. In an environment where jobs hold the key to recovery, this continues to be an ominous indicator. Full text »