The US ISM reported a big miss today, going to 51.3 from December's 56.5.
Denninger has more on the bad news here:
New Orders were barely above 50, down a massive 13.2 points to 51.2. Production was down 6.9, employment contracted 3.5 and inventories contracted to 44 from 47, showing that manufacturers have no faith in improvement in the coming months.
Worse, prices went up 7 points to 60.5 and backlog was just below neutral at 48.
Overall, we have recessionary numbers. The strength in the economy is regional in places like West Texas and North Dakota due to oil and natural gas.
The big players are likely pulling out of the markets, or have pulled out.
If you want to pray for something, pray that Janet Yellen doesn't back off the Taper and let's the market find equilibrium. Take the medicine and get better.
There appears to be a lot of turmoil in the emerging markets.