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S&P 500 Rally Buoys Bulls

S&P 500moves up 6 points as June ISM at 55.3, well above consensus expectations of 52.0; new orders also rose.

This will give more ammunition to bulls who have been arguing all week that the primary factors that caused the "soft patch" (higher commodity costs, Japan quake) will mitigate over time and particularly into the third quarter.

Note that prices paid component of the ISM was at 68.0, below the consensus of 70.9. This has declined notably in the past two months and is now at the lowest level since August 2010.

The S&P 500 is up 4.7 percent this week...the best 5 day streak since the middle of July.

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