ISM Manufacturing PMI

One of my potential trades was to be based off the Fundamental Announcement in the US of the ISM Manufacturing PMI.  If the number is greater than 50, it's a bullish indication. It is released monthly, and yesterday, the value was 43.1, up from 41.5 last month.  After looking at the USDJPY, EURUSD, and GBPUSD, it appears that this announcement didn't do much on its own. Quickly, I realized it's important to watch the pairing currency for events as well.

So what is ISM?  It's a survey given out by the Institute for Supply Management to more than 300 manufacturing firms.  The Chair of the Board of Directors is Camille Batiste, Certified Profession of Supply Management (CPSM). She's pretty awesome from what I'm read.

The ISM Manufacturing Index gives equal weight to:

1. New Orders
2. Production
3. Employment
4. Supplier Deliveries
5. Inventories

So what are some of these industries?  They're based on the North American Industry Classification System (NAIC) of the 17 biggest sectors that contribute to the GDP.  The first 2 digits in the NAICS code represent the sector.  For manufacturing, that's 31-33.

There's also a Non-Manufacturing Index that comes out in a few days, but I'm letting that one go. I'll at least look at it.  Today, the AUD GDP comes out. I think that'll make some noise, so I may trade around it.  More to come.