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Consumer Confidence Does Not Ignite YoYo Market
This is the kind of yoyo action in equities when you get no volume chasing every last headline.
More troubling to TPTB should be the immediate reversal following yet another "stunner" out of UMich, Consumer Confidence or "The Market Is Up Because The Market Is Up Because The Market Is Up, etc." index.
Is "good" news no longer good enough?
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The good news is that Altria pays 7.5% and the USG is fully in bed with the tobacco industry now....
Smoke em if you got em. The more welfare, the more $ for people to buy cigs at $10/pack.
I like where your head is at.
A Touche.
The calm before the storm? Not sure if its going to bring the high tides or the low tides but looks like something is brewing next week. A lot of boats will either be lifted with the tides....or obliterated underneath it.
If you don't buy usa equities you will always be poor.
The Bail is LIVE-BLOGGING the Fed hearing right now...follow all the pain, blow by blow, right here:
http://dailybail.com/home/live-blogging-the-house-hearing-on-ron-pauls-b...
How come CNBC aint broadcasting any of that testimony. Grant it is baloney spewing out of the mouth of the Burner...I still want to see how that effer is lying through his big bald skull. CNBC is obviously avoiding that for a reason.
you can watch it live...the link is at the Bail at the link I gave above...
I don't know if I'd agree, Tyler. I think the selloff was more in anticipation of a disappointment in new home sales, which happened. I would bet the UMich index had everything to do with the resulting bounce up, along with continuing fake home inventory numbers.
The existing home inventory numbers yesterday had a decrease almost identical to that of the "existing home sales" number. Anyone believe that NOTHING went on the market in August? Banks are just holding back shadow inventories, that's all.
I wouldn't be shocked to hear that banks are buying empty new homes as "investments," with all the green-shootiness going around that housing has hit bottom.
LOVE IT...
UMich, Consumer Confidence or "The Market Is Up Because The Market Is Up Because The Market Is Up, etc." index.
It is a great positive feedback loop index... but if the market starts to tank then it will flip to a negative feedback loop index in a millisecond!
Exactly. Just like the "Leading Economic Indicators" index. Doesn't market performance count for high 20s% in the calculation? Not too difficult to keep that going up when the market continues to go up.
which is why they are referred to as 'confirming' indicators. they are useful though when there isn't much momentum because they can offer additional insights that raw data doesn't.
Consumer sentiment is up....but they aren't buying durable goods!
leading indicators is alsow weighted to miney supply so it will eventually go to infinity...
The previous new home sales get revised down from 433k to 426k. This months come out at 429k. Reuters promtly says "New home sales rise." This is madness.
THIS IS SPARTA!!!
I was at a Trustee sale In San Diego yesterday. I was there to bid on 37 homes. 3 of the 37 were sold to 3rd parties like me. 2 went back to the bank. the rest were postponed into oct, nov and a few into dec.
there are 9000 homes scheduled in San Diego for Trustee sale, 11000 NODs the number of people 90 days late with no NOD filed must be at least 11000. There have been very few properties added to the MLS in the past 30 days.
I wonder if anyone ever went broke overestimating the gullability of the American consumer? Because I'm guessing a fair number of people are going broke now underestimating it.
I suppose rather than ushering in the "post-racial" and "post-partisan" era we were promised the age of Obama will instead be known as the "post-logic" era.
a picture is worth a thousand words:
http://nymag.com/nymag/toc/20090928/
Cheeky may have to update his avatar :-)
I like the writings on his left ear - KENYA BORN.
you should take a look at the printed version of it, it's a masterpiece
These tend to materialize whenever any event occurs that shows just how disjointed reality and hope are in actuality. Of course, the greater the divergence, the greater the downside shock.
Goldman and Bank of Amerika run the markets along with Geithner, and beagle boy Ben. There is no free markets, only welfare capitalism and socialism for capitalism.
good articles; good articles 4 slow news day ..http://www..
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