Recession Risk is Still Present with James Locke

August 01, 2023

James Locke is back… PMI Report (Manufacturing Purchasing Managers’ Index) measures the activity level of purchasing managers in the manufacturing sector. Past few months we have seen the numbers in line or under expectations. Last week it was above for the first time since April. Another number will be reported tomorrow. ALL values are still negative, even if they are not as negative as initially thought. Everyone is Bullish and it is scary! Morgan Stanley strategist Mike Wilson finally capitulated and apologized for getting the market wrong the last nine months. (He is a huge bear mkt guy) from 3500-4400. When the Street’s most bearish strategist turns bullish, does that mean the market is due for a correction? YES! Time to get short.

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