The better ISM Mfg Index was better than expected (511.6 vs 50.5 and prior 50.6) meaning there's growth but it's mild. Investors' concerns are still from the euro zone with contagion fears spreading to U.S. banks. How much exposure they have is the big question. This is what centrally planned economies offer--failures to address problems honestly, quickly and putting them in the rear view mirror. So what we have instead is BS and a lot of it. Transparency is missing and even as difficult as the truth may be sometimes it's just better to get it all over with and move on. Protecting losers is a poor strategy and policy. Keynesian policies have failed and perhaps are just corrupted by the political process and cycle not to mention undue influence from Wall Street. As of Monday, the major indexes are only a few points away from bear market territory with lesser indexes and sectors already in bear markets. That's the way it is period. Let's see what happens. Disclaimer: The ETF Digest maintains active ETF trading portfolio and a wide selection of ETFs away from portfolios in an independent listing. Current positions if any are embedded within charts. Our Lazy & Hedged Lazy Portfolios maintain the follow positions: SH, EFZ, EUM, VT, MGV, BND, BSV, VGT, VWO, VNO, IAU, DJCI, DJP, VMBS, VIG, ILF, EWA, IEV, EWC, EWJ, EWG, EWU, EWD, GXG, THD, AFK, BRAQ, CHIQ, TUR, & VNM. The charts and comments are only the author's view of market activity and aren't recommendations to buy or sell any security. Market sectors and related ETFs are selected based on his opinion as to their importance in providing the viewer a comprehensive summary of market conditions for the featured period. Chart annotations aren't predictive of any future market action rather they only demonstrate the author's opinion as to a range of possibilities going forward. More detailed information, including actionable alerts, are available to subscribers at www.etfdigest.com .