Just an addendum to the previous update, showing what today's ISM numbers do to the bigger picture. While we have seen several reports fall this much month-over-month, today's is by far and away the biggest loser over a 3-month time frame (lower section of the chart).  It is 4.8 points lower vs October's report.  The next closest contender was Nov 2013, which only managed a 2.6 point gap.  Translation: yes, it makes sense to worry about a big picture shift in the economic cycle AND the possibility that Fed is up a creek in terms of what they can do about it.