This morning the jobs report, which is a lagging indicator, came out better than expected at 165,000 (with 145,000 expected). Revisions to prior months also show more jobs were created previously as well. While this is welcome news, it is not the kind of growth you would expect in a post-recession economy. This does tell us that the economy is growing, but growing slowly. Conversely, on Wednesday the ISM Manufacturing prices paid, came in at 50 — down from the expected 53. Today, ISM Non-Manufacturing, a leading indicator, came in 53.1, expected was 54. Anything below 50 would be considered a contraction. Additionally, Factory orders also missed with a – 4 reading, expected was a -2.6. The fed has its foot on the accelerator and the Fed minutes say this will continue. The equity markets in this environment may continue to go higher, but we believe the markets are very close to a full valuation.