Monday, July 26, 2010

Consumer Confidence (Update)

Tomorrow is a key day for the stock market. Here's why. Consumer Confidence data will be released before the market opens. It is expected to be 51.9 by the experts. It is one of the most important pieces of data for the week. Wednesday is the other big news, Durable Goods orders. And Friday is the GDP data for Q2.

The S&P is sitting right at the 200 day Moving average at the close tonight. The data tomorrow will tip it one way or another. Volume should be significant tomorrow despite it being summer.

Come back here to see the data reported in an Update tomorrow morning.

UPDATE: 10:01 EST July 27th

Consumer Confidence came in at 50.4 compared to expectation of 51, so it was a little worse than expected. June's number was revised up to 54.3 from 52.9, which would normally make this drop a more significant one. At the same time the numbers were being reported the gov't announced it was holding a Housing Conference to decide what to do with Freddie Mac and Fannie Mae. Gee, you think they were trying to get the conversation off the poor Consumer Confidence numbers? Hmmm, let me guess. Ah, yes!

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