Expectations at 62.3 vs consensus of 61.3 (previous 60.6), and Conditions at 76.5 vs 76 (previous 75.5). And with this latest self fulfilling prophecy report out of the propaganda bureau, expect stocks to promptly go green as the ugly GDP number is all but forgotten. This report brings today’s official economic release docket to a close. . . . → Read More: UMich Consumer Confidence Comes Better Than Expected, At 67.8 On Consensus Of 67
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By Al Yoon NEW YORK (Reuters) – World stocks reached 2-1/2 month highs on Tuesday on strong corporate earnings, but weak U.S. consumer confidence limited stocks gains as well as a rally by the euro against the dollar. Equity markets were also supported by global banking supervisors’ plans to scale back proposals to beef up bank . . . → Read More: Wavering stocks gain in face of soft U.S. data It is getting parabolic here with the minis up 6.5 this morning. Ramp City deja vu? Earnings Calendar – Economic Calendar – Consumer confidence at 10:00. A bad number here will surely spike the SPX over 1200. SPX Daily – Possible divergences being set as even some of the daily indicators are starting to embed now. . . . → Read More: Morning Post, SPX, S&P 500, E-mini 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 . . . → Read More: Consumer Confidence Drops Again – At 50.4, Below Expectations, And From An Upward Revised 54.3 Commentary courtesy of www.creditresearch.com Spreads widened significantly with indices and intrinsics tracking each other consistently wider, though underperforming stocks top-down (beta adjusted) as equity markets continue to play catch up to credit market’s APR-to-MAY warning signs. This certainly did not have the feel of panic in credit as volumes ticked up a little but remain summertime-muted (or . . . → Read More: Daily Credit Summary: June 29 – Equity Catch-up OK, so the divergence call below worked for a nice 12pt corrective pop. In a normal market that would have been brilliant, here, LOL, not even worth a days pay. So much for that. I had fun playing in TNA and TZA all day playing the 1m chart. I do know I was not the only . . . → Read More: Dailys Look Like Crap |
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