Today's wild swinging stock market prices resembled a roller coaster soaring up and down the tracks. One minute you might think the latest batch of terrible economic may slam the market, then the next minute you're thinking it's taking off for the moon with John Glen only to come crashing back to terra-firma. Wild swings indeed.
Today's main economic news came on the heels of yesterday's "shocking" consumer confidence data. Consumer confidence did not improve in September according to the data, which fell back to 53.1 from 54.1 the prior month. The "shock" was that expectations were for a reading of 57.0. The worse news in the report is the current assessment of the labor market with substantially more saying jobs are hard to get.
Apparently the idea of the very first "jobless recovery" isn't much of a "confidence" booster. Oh let's be blunt; consumers know damn well what a so-called "jobless recovery" is - a recession!
Today's private-firm (ADP) estimate of the monthly employment data believes job losses will increase Friday.
The third estimate of the 2nd Q GDP was better than expected. Worthless economist consensus was for a reading of -1.2%, but in came in at -0.7%.
Today's real kicker, one that will drive GDP right back down again if it spreads, was the Chicago PMI. Consensus for this report was 52.0. Readings above 50.0 show expansion - readings below 50.0 show economic contraction. The actual number surprised the market with terrible reading of just 46.1.
Will we get more bad news tomorrow? Will it matter? Doubt it.
Trade well and follow the trend, not the so-called "experts."
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