Tuesday 8/5 Choppy Pre-Fed Action

Down 6 ticks to 99-29.

ISM NMI rises to 49.5 which is half a point higher than expected.

mixed blessing as it still signifies contraction, but is higher than last month's reading of 48.2.

Today could get really ugly really quickly, but so much depends on the FOMC announcement.  If you are a floater, you almost have to wait for that, but it looks like between now and then we could get beat up a bit.