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ISM index another V-sign

Although the November reading was a bit lower than October's, the ISM index is still quite consistent with the 3-4% real GDP growth I've been calling for quite many months. This is yet another indicator that we are in a V-shaped recovery, even though 3-4% growth isn't all that strong given how far the economy slumped during the recession. The market continues to be very nervous about growth going forward, but I see no sign of deterioration.

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