Even 'The Rich' Aren't Buying This Rally
Despite the near multi-year record highs in stock indices, which have typically correlated tick-for-tick with the-wealthy-people's view of the world, today's Bloomberg Consumer Comfort index sub-data has a rather nasty surprise in its tail. Those earning over $100k, the highest bracket interviewed in their survey, saw their 'comfort' plunge to its lowest of the year - massively diverging from the incessant rise in equity markets (and its supposed 'wealth effect' transmission channel).
This is the largest 4-week plunge in almost two-years...
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