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A fund manager of my acquaintance -- who has been

Posted on July 01, 2008

A fund manager of my acquaintance -- who has been short and is just killing it lately -- writes in:NYT: Stocksbounced around on Tuesday but were decidedly down at midday, as investorsweighed a strong report on the manufacturing industry against concernsabout pricey oil and ailing banks. (emphasis added).Cramer liked that report too, said it provided evidence thatwe re not going into a recession. Do these people read thereports? New orders, down. Employment, down. Backlog,down. Inventories, up. Prices paid, at a multi-year record. Money quote from the ISM bossman: When viewed from ...

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oil , purchasing managers