2017 got off on the right foot with a better than expected ISM PMI at 54.7, beating expectations of 53.8. Notice serious strength in new orders, production and prices; all above 60. Also, inventory levels and backlogs remain in contraction. A common theme here has been in regards to these low inventory levels and the coming restocking rally. The restocking rally looks to be only a matter of when, not if and this report may be indicative that the restocking is close.