The ECRI weekly Leading Index, after some ugly downtrends, is showing signs of turning around.

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From the looks of it ECRI takes the first principle component of these four variables and then charts the first time derivative.

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ECRI's indices for other economies have also fared well.

ECONOMIST: Leading economic indicators

But now, Hussman notes in his latest market commentary that the ECRI Weekly Leading Index, which has been a leading indicator for the ISM index, has declined to -6.9%, a bad sign.

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