ISM Manufacturing Survey Co-Coincides With Equity Market Bottoms

In almost every cycle the decline in equity markets predates that by quite a bit. If we had to pick a single variable that does coincide with the bottom and equity markets it happens to be the ISM manufacturing survey. I would consider something like 3200 to 3300 on the S&P index if we got there sometime this fall or winter pretty good value for long-term investors.