We think the ISM services number is one of the worst monthly pieces of data there are. On a month-to-month basis, it has no correlation with service sector employment, and on a quarter to quarter basis, it has no correlation with service sector gross domestic product.

This is another of these little hints that we won't get a strong employment number on Friday.

Payrolls were well below the whisper number, so there's been a big sigh of relief in the market,

It's all the ISM number. We started the morning where it seemed like no one was gonna invest, and then all of a sudden, the number comes out and the buyers are back. It's kind of a big surprise.

This number is a one-month number. I would really be hesitant to make a trend out of this. If you strip out oil, these numbers do not look so bad and, especially in the producer price area, prices are still falling and this tells me that the pipeline does not have inflation in it.

The rally is clearly influenced by the ISM number,