University Of Michigan Consumer Sentiment Plunges To One Year Low Of 66.5, Versus Expectation Of 74.5, Previous 76

Tyler Durden's picture

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nmewn's picture

Houston, we have a problem.

Traianus Augustus's picture

Do not worry, the algo's will have this market melting up into the close today.  Just like every other day.

nmewn's picture

I dunno.

The February "strong hands" people may be getting a wee bit nervous.

Internet Tough Guy's picture

You mean, Ann Arbor, we have a problem. They must have polled the wrong area code in MI this time.

hedgeless_horseman's picture

Altogether another economic data disaster. 

Now their number is bearish it all-of-the-sudden has credibility?

At least the unions are feeling flush:

WASHINGTON—Billy Raye, a 51-year-old unemployed bike courier, is looking for work.

 

Fortunately for him, the Mid-Atlantic Regional Council of Carpenters is seeking paid demonstrators to march and chant in its current picket line outside the McPherson Building, an office complex here where the council says work is being done with nonunion labor.

 

"For a lot of our members, it's really difficult to have them come out, either because of parking or something else," explains Vincente Garcia, a union representative who is supervising the picketing.

In California, one group is offering to pay $10 and up per hour to activists to hold signs in demonstrations against foam cups and plastic bags.

 

"Low Pay! Go away!" and "That Rat Gotta Go!" the union stand-ins chanted as other workers banged cow-bells and beat on a trio of empty plastic buckets. The union's Mr. Garcia sees no conflict in a union that insists on union labor hiring nonunion people to protest the hiring of nonunion labor.

 

He says the pickets are not only about "union issues" but also about fair wages and benefits for American workers. By hiring the unemployed, "we are also giving back to the community a bit," he says.

 

http://online.wsj.com/article/SB10001424052748704288204575362763101099660.html?mod=WSJ_hps_sections_news

-Michelle-'s picture

No, it has credibility because it's actually realistic now.  I don't determine credibility based on reputation, but on reality.  Any fool could see that consumers are not confident.  What was incredible was the previous attempt to pretend this wasn't so.

hedgeless_horseman's picture

No, it has credibility because it's actually realistic now.

Goal (seek), bitches!!!!!!!!

Joe Shmoe's picture


Now their number is bearish it all-of-the-sudden has credibility?

Yeah, thank you.  Everyone was slamming this study the last time around because it was bullish.  

SheepDog-One's picture

'Credible, not credible...bullish bearish'...hell all it tells me is they cant even pad the BS anymore!

Agent P's picture

Agreed.  Without meaning any disrespect to our host, it hardly seems fair to attempt to discredit the number last month, only to turn around and use it as a credible starting point to illustrate how bad the decline was this month.

http://www.zerohedge.com/article/it-just-surreal-now-umichigan-consumer-confidence-index-laughable-76-highest-january-2008

 

FranzVanDongen's picture

But did the BDI decline today?

Tense INDIAN's picture

Just how BAD is this data???

Jeff Lebowski's picture

Perhaps it's time for U of M to increase the sample size of 500 to reflect a population of 309 million.

Ripped Chunk's picture

That might work. They should include some financial media people in the sample to "round it out"

lizzy36's picture

If we close green today i am renouncing my US citizenship.

Boilermaker's picture

I'd go ahead and get your passport out, in that case.

You'll have to go a consulate and formally do it in person.  I'll already be there.  So, you'll have to take a number.

Ripped Chunk's picture

Is there still a living in making and repairing boilers?

Boilermaker's picture

I suppose so.  It's more homage towards my alma mater...but, I would think actual boilermakers make decent coin.

Ripped Chunk's picture

Purdue.  That's pretty good for you. It wasn't like I had any interest.

Boilermaker's picture

That's good news because it makes two of us now.  Ignoring you takes just a sliver of annoyance out my day now.  Thanks!

Cognitive Dissonance's picture

Just as long as you continue to haunt ZH that might not be a bad idea. :>)

And I think the US government has renounced its citizens already.

Muir's picture

lizzy

I was long this morning, I think you can remain a citizen.

Today may mark the end of the weakest counter rally I've seen since 08.

 

nmewn's picture

BAC down over 6%...severe whackage on "better than expected" volume.

GIANTKILR's picture

Please people! You have no faith in the PPT!!!

Everything is a gamble now, we should start placing wagers on green or red. This might be the only good way to make money now.

 

Your avatar is mesmerizing!!!!!

nmewn's picture

Red...S&P 1075 after a peek at 1068.

Seeing as how we're just speculating ;-)

Muir's picture

Nic was reading the same tea leaves as I.

His post is really, really good.

http://www.zerohedge.com/article/defying-gravity-one-round-qe-time

Interesting times we live in.

nmewn's picture

Yeah I read that, he's knows his stuff.

I pulled up a thirty day chart and threw a dart for 1075...someone alse alluded to it in a rating call on commentary elsewhere...seems reasonable.

Trust in our systems seems to be collapsing (putting it mildly...LOL) but at some point after the revulsion of stocks is complete I would think they would be a good buy again...just not now.

Good one from Hussman if you haven't seen it, don't know if it has appeared here on ZH. He's another one I give great weight;

http://www.hussmanfunds.com/wmc/wmc100712.htm

It's hot here in Fla. I'm gonna go hang a ceiling fan...LOL.

Muir's picture

Thanks for the link.

Read the Hussman comment.

Very good.

Storms in Coral Gables Fl.

nmewn's picture

Welcome.

Just clouds here...I'm north of you...opposite side.

Ceiling fan is workin great...I implemented austerity on myself...LOL...I took one down off the front porch, put a light in it's place and put it up back here on the patio.

Blano's picture

Bouncing boobs are the greatest.

Stink_Pickle's picture

I don't think it's worth the $450.  Wait till the fiat is completely worthless.

Cathartes Aura's picture

last week it was free, but as of Tuesday past, it'll cost you $450.00 to cut your ties. . .

Oh regional Indian's picture

If it had been 66.6 I'd have been worried.

*wink*

ORI

http://aadivahan.wordpress.com

Cognitive Dissonance's picture

It appears the "reality" and "fantasy" curves are beginning to converge, meaning "fantasy" is returning to earth.

"Ground control to Major Tom".

http://www.youtube.com/watch?v=AFks9A9TCF0

subqtaneous's picture

"Ground control to Major Tom"

 

My mother said, to get things done you better not mess with . . . 

Ragnarok's picture

Chart for context?

perma bear's picture

come on .. we need to have some benchmark here ..the last time the figure came out really strong the whole gauge was considered nonsensical ... why pay attention to it now ?

jesusonline's picture

Earnings is a rear-view mirror indicator in this environment. A lot of data coming out recently shows what's ahead. And it looks like they will just barely make it past Novermber to launch new QE.

demsco's picture

But, but, but the global recovery?? How could this be, Obama told me this was the recovery summer. Leo said that things were good, things weren't as bad as the data looked. The ISM was still over 50. This makes no sense. How could the people not believe in the recovery when they are being spoon fed the "facts" by the President? Oh, wait, the people don't have jobs, never mind...

DonnieD's picture

Definitely Obama's "Mission Accomplished" moment. And who picked the phrase "Recovery Summer"? That is the corniest lie ever told.

the not so mighty maximiza's picture

They must have misssed the memo from the telepromter, now they must bend over and be spanked with said telepromter.

Ripped Chunk's picture

I guess people don't have any money and they are telling the polsters that they won't be spending.

MiningJunkie's picture

NEVER underestimate the replacement power of equities within an inflationary (QE II) spiral!

Truth's picture

This is one piece of many to set up for QE 2.0  in the 'let's sell to the public how shitty the economy is so we can re-inflate'. Got GOLD!?

HEHEHE's picture

It's part of it, QEII is going to happen, but they'll let the stock market tank one more time before QEII.  Stock market collapse will always be a pre-cursor.  It scares all the baby boomers looking at retirement.

Truth's picture

yeah, I know but with all those baby boomers wouldn't it make more sense to increase their purchasing power via deflation.  Thus making them happy and therefore voting for those politicians in place.  After all, I don't think there are many retirees and upcoming retirees with more than $50K in their 401k so more the dependency on social security and medicare.  .....perhaps I'm making too much sense (from an austrian perspective)....