ISM in July showed contraction in US manufacturing and missed estimates. We doubt the Fed will be swayed this afternoon by this latest piece of grim data, but it certainly is a bit of a trend here. Copper, which is generally an excellent gauge of global growth, is still in a downtrend and showing little signs of life. The historical correlation to AUD is very high, but as of late copper is trading quite inversely to the high-yielding Aussie Dollar. As we say in such situations; something's gotta give. Either AUD is poised to fall soon or copper will be revived by global central bank printing, particularly in China. We just don't see how the divergence can continue. Stocks are getting some relief on our weak ISM data as the QE addiction persists. It may be time for an intervention soon; not from central banks, but for the QE addicts.