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Consumer Confidence Drops Again - At 50.4, Below Expectations, And From An Upward Revised 54.3
Major plunge in Consumer Confidence, which came at 50.4, below expectations of 51.0, and down almost 10% from an upward revised prior 54.3 reading, previously seen at 52.9: yes lower, but this BS revision was enough to make the jump in new home sales appear amazing post revision. Let's see if a real plunge in consumer confidence is enough to take the market lower by 100 DJIA points. Something tells us the gaps on revised data are only to the upside.
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ALL IN SHORT THIS BITCH OF A MARKET.
http://midasfinancialmarkets.blogspot.com/2010/07/short-life-out-of-this...
Whoops there goes another rubber tree plant. Kerplunk!
"High Hopes"
http://www.youtube.com/watch?v=jcNyxxZvf8I
Hopium is one helluva drug!
http://www.youtube.com/watch?v=dUb06iLjTKA
gone
The way the markets are trading as of late I would expect a small pullback before another shot to "da moon" and hit Altucher's S&P 1,500 forecast by December.
Uh, yeaaaaaaaaa.
'Hey Peter man watch out for the cornhole!!'
Gold and Silver, tank you very much!
Buying opportunity just on the horizon? We'll see.
Gold: Shootout At The 24K Corral
Gold is "precariously close" to a sell-off
http://www.hardassetsinvestor.com/component/content/article/3/2246-gold-...
why o why are consumers so bearish...why cant they be bullish?
No Mas, shill from the Center for American Progress, needs to increase the effort at "educating" the masses on hopium.
uh...they don't have a job? can only afford macaroni and cheese? white bread and pepsi?
market can't drop because the wise sage on these pages said the bears are "always" wrong. so the drop in consumer confidence (and, among other reports, the worst housing report for june ever) must be taken as bullish confirmation that the bears are "always" wrong.
remember, the spy at $157 in 2007 versus $111.50 today is proof positive the bears are "always" wrong. i think one must go long with an assortment of triple bullish etf's bought on margin to maximize the bears stupidity, or idiots as the sage called them (me).
may i be as wise as the sage someday. one can hope.
I've been telling this since last thursday.... LISTEN TO BORAT...DON'T LISTEN TO CRAMER....
I need to go now. Tim and Ben are calling, they asking for my rubber fist to play.. sexytime...
No one is buying anything, but man oh man, housing prices went up a dollar.
Don't be so negative dude. Housing prices went up a dollar forty nine and they're trending higher. Don't you be dissing those numbers jack.
And the consumers are negative because it's the summer doldrums on TeeVee. Reruns can kill any one's spirit. Dead I say, dead. You just wait until September with the new NFL season kicks off. To the moon Alice.
<sarcasm>
Sad you needed to add that. Better without. Thing is, all kinds of obvious sarcasm has been hated on lately. And instead of folks being held accountable for not being up to speed and getting motivated to figure it out, folks have to be so careful to qualify their attempts at humor.
Wrongness abounds my friend.
The flaw in the housing numbers is that the houses sold in May are not the exact same ones they sold in June. So to say they edged up in average price by a few bucks is relatively worthless.
Would we guage the auto industry by the average price of the vehicles sold in May vs. June. Not likely. They would want to show us total volume of sales dollars(price times volume).
Conveniently, those numbers are not being given as the headline numbers.
When selling hopium, semantics is everything.
As we are all learning, lies are not intended to convince the non believers but to keep the believers from straying. This is why the lies are so infuriating to the non believers. The official lies are so completely senseless and illogical that only a fool, or the believers, would believe them. They are so outrageous as to be insulting and degrading.
Which means the lies do double duty, keep the convinced within the pen and demoralizing everyone else.
Great point on the last sentence. And as you've mentioned before (I believe) - most of the people want to believe. And why not? Sometimes it's better to stay in the illusion to see the other side. I had a conversation with a friend the other day, and mentioned how bearish I was - and that said "the government will help us out". When I tried to explain that the government was the one doing it, well the conversation ended very quickly.
All the believers need is some shred of the truth in order to maintain the mental illusion.
I am a consumer, and I am confident that the socialist ObaMao will continue to hand out free lunches (and dinners and cable TV and rent and i-phones) to the structurally unemployable, and Banana Ben will continue to print money for the purpose of propping up overvalued financial assets
@chemba
Speaking of the unemployed...
Are you aware that the number of people on food stamps was in decline from 1994-2001?
Then George Bush was elected.
In 2001, ~18 million people in the United States were on food stamps. By 08/09, that number had topped 35 million.
http://bp0.blogger.com/_CQyU4ayBifw/R_HO0TiMMGI/AAAAAAAAA4Q/P5qDT1BkuN8/...
http://www.mybudget360.com/35-million-americans-on-food-stamps-12-percen...
Not only do the Republicans hand out money to the poor, they also give it to the rich. That's why they're my favorite party - they give money to everyone! With regard to socialism, no one can compete with the Republicans.
http://www.fns.usda.gov/pd/SNAPsummary.htm
Don't cherry-pick your dates.
Thanks for the clearer data points.
By the time Bush left in 09, things were massively worse than I thought.
Simply a continuation of the slave/owner relationship that has existed, in one form or another, for the entirety of our species' existence.
Who gave a black man access to a computer? Damn libraries. Next thing we know we'll have one for presi....wait a second. SHIT!
//jus funnin--love ya neighbor/
Not to sound like a cliche record, but correlation is not causation...
This tidbit will be ignored.
Not relevant to low vol upside ramp job currently in play.
The short hands need to be spanked one more time.
Correction. The short-term short hands need to be spanked. I'm a long-term short hand and I've been patiently waiting...
Good for you. You'll be rewarded.
My comment was not aimed at the non-leveraged shorts but at the weaker hands that were caught leaning the wrong way but think they can stand the pain for just a point or two longer.
you don't slap a man, bitch‡
LOL. Whoever junked you didn't get it. You need a "</sarcasm>". Right MsCreant? :-P
This is should be good for +70 pts on the dow.
Unfortunately, may not be good for telepromters plans to double exports withing 5 yrs, alas i digress.
10:02 07/27 US RICHMOND FED: JUL MFG NEW ORDERS INDEX 13 VS JUN 25
10:02 07/27 US RICHMOND FED: JUL MFG SHIPMENTS INDEX 22 VS JUN 31
10:02 07/27 US RICHMOND FED: JUL MFG INDEX 16 VS JUN 23
Thankyou Lizzy I missed that one.
Seems like similar data from every Fed survey.
Now that the Fed indexes are less positive, have a poor second derivative, or are declining (Dallas Fed yesterday) - they get no press on the MSM.
All CNBC can talk about is the fantastic corporate earnings.
If the FED would take off their blinkers for a moment, the consumer has been getting smacked from all this - like it or not, companies are more efficient, margins are better.. if we are having deflation it is at the cost of the consumer. Deflation is not a monetary phenomena, it takes income from the workers and shifts it to the company and the consume - the thing the FED needs to realise is...most people can grasp this. I think it's safe to assume that despite the FED wishing that the american public would just love the tits on the anchorwoman, those with jobs probably aren't counting on private sector noblesse. They're probably expecting the private sector to sit back and let the government pick up the can and subsequently get hosed, isn't that what lobby dollars are for.? and so far...seven for seven. ..Gosh, it's so embarrassing to have such weak-minded, pitiful men to be responsible for, what is now perhaps the third most important national finaces in the world (China, Switzerland).
Milk's Gone Bad, b i t c h e z.
They don't about the consumers. They're friends - and worldview - are about the banks, their jobs, and their power.
Algorithms execute *cntrl alt del* command to any such negative headline input as tanking consumer confidence and skying unemployment...wait for next data line that shows something revised downward has a positive headline spin and its rampfest time for Skynet!
Skynet pumps stocks during the week and builds T-1 Terminators on the weekends, all humans must be exterminated.
The stock market has not reflected the real economy for years now. Like we are surprised by all of this. Skynet is sucking all of the working classes money out of there wallets. It will end in the HFTs and prop desks cannibalizing each other. Then, we will have an epic crash.
Its beginning to look a lot like Christmas, everywhere I go!
My, even CNBC seems a little down over this.
http://www.cnbc.com/id/38428786
Wow I'm totally surprised... can I get a discount on that?
The market has always been broken. It's been fixed as long as there have been markets. Why should we be so lucky as to get "free" markets?
And if the word from the street is true, I wonder what even this CONCON (nice, consumer confidence is a concon) is based on.
People still flocking to Sam's Club and the like? Didn't WalMart just release some shaky data? Are people spending in anticipation of their next givermint handout?
Consumers, exhausted carrying the burden of supply-side expectations.
Buy Buy!
ORI
http://aadivaahan.wordpress.com
http://www.census.gov/const/soldreg.pdf
Still waiting for somebody in the media to point out that, compared to June of last year, there were 19% less new homes sold. Bullish, right?
http://www.census.gov/const/fsalmon.pdf
Or that the last time there were this few new homes available for sale, Woodstock was happening. Note, of course, that the US population has increased more than 100 million in that time. Stocks rally on the news!
Buy the dips! :)
Are you saying you are for sale?
nice!
I'll take 2! Our previous yard guys took off for home -- back to Juarez. I could use some extra help around the place.