ISM Index beats estimates, market launches and celebrates an ISM level lowest of 2010 and below December 2009 level

The July ISM Index beats consensus estimate of 54.2 as it clocked in at 55.5. The equity market launches as it celebrates the fact that the ISM Index was lower than June and is the lowest reading of 2010. The S and P 500 rockets up 20+ points while the DOW living up to "no stock left behind" launches up 177+ points. The ISM Index is now officially below the reading for October 2009! Yes America a weakening economy is reason to celebrate.

ISM Index Recap
55.5 July 2010
56.2 June 2010
59.7 May 2010
60.4 April 2010
59.6 March 2010
56.5 February 2010
58.4 January 2010
55.9 December 2009
53.6 November 2009
55.7 October 2009

Yes, there is a disconnect...