A terrible durable goods report came out today. March orders were weaker than expected against downwardly revised February orders. The market hasn't paid much attention, focusing on earnings and FOMC meeting instead. This report confirms the manufacturing recession, and the recently weaker USD has done nothing to reverse the manufacturing weakness so far. The strength in the industrials sector seems based mainly on the weaker USD and higher oil prices in hopes they will translate into stronger orders. The durable goods report is in stark contrast to this view.