Following record UMich misses, Gallup's economic confidence collapse, the slump in the conference board's measure of confidence, and Bloomberg's index of consumer comfort signaling major concerns among rich and poor in this country (in spite of record highs in stocks), today's Consumer Confidence data from UMich continues to confirm a problem for all those 'hoping' for moar multiple expansion. Falling for the 3rd month in a row, and missing expectations for the 2nd month in a row, this is the lowest confidence print in 2013. Perhaps even more worrisome for the 'hope and change' crowd is that the 12-month economic outlook has collapsed to its lowest since Nov 2011. It would seem that all that free money flooding our 'markets' has reached peak efficacy in terms of confidence inspiration, and as Citi notes, when this cycle has played out in the past, equity market corrections are often quick to follow...
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And with Christmas coming bammy will go down in the books as the Scrooge who stole Christmas.
ReplyDeleteyet stocks go up? I just don't get it I guess
ReplyDelete12:15-stocks are being propped up by the feds. It's called quantitative easing. It's been done several times now under the Obama admin. The idea being if people feel their investments are stable they will spend more money. It's not working and most investors (except for retirement funds) are out of the market and it's mostly day traders.
ReplyDeleteThis is one more of Obama's fiascos that is going to fail and this one is going to fail big time. The housing bubble was nothing compared to this.