Tuesday, June 28, 2011

Consumer Confidence for June

What BS this morning on CNBC. The guests are hyping the Consumer Confidence numbers as the reason the market is up. Well just for Fair and Balanced reporting, here's the Consumer Confidence data: Consumer Confidence for June came in at a 58.5 reading compared to last month's 61.7 reading. Now I know that the story is that they had expected it would come in worse, but the fact it is worse than last month is alarming. Here's the chart below on Consumer Confidence for the past 30 plus years and a red X pointing to today's number at the right of the chart.

Are you feeling better now? I think not, as this number is almost at the lows of 2008 and 2009. You will notice that at no time on this chart did we have a reading this low and Not be in a recession. This indicates to me at least psychologically, people feel like it's a recession.

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Anonymous Anonymous said...

one individual on MSN Money is calling the market sell-off OVER!


your thoughts?

3:24 PM  
Blogger Charles Amico said...

While we did have a 3 day bounce and go above the last bounce high on June 21st, I don't believe the sell-off is over. It is possible to still climb from here, there is much uncertainty regarding whether the Congress will raise the debt ceiling as they must.

Traders need to be sharp and watching this market as sharp turns happen frequently. Watch to see whether tomorrow the Initial Jobless Claims are higher than expected. That could cause a selloff. The market expects 420K Initial Jobless Claims.

It is going to be a long summer of volatility on low volume. Speaking of Volume, while the market did rise these past 3 days, compare the volume to that of the previous 3 days before that.

7:04 PM  

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