As we all know, consumers are 70% of the economy, and their confidence is core to their spending. This morning, the latest consumer confidence figures came out, and they didn't just beat the high end of the consensus – – they knocked them out of the park.
Naturally, the markets shot higher, but the euphoria from this extremely bullish news lasted about as long as Susan Boyle's worldwide popularity. (Oh, and not to get all socionomic on you, but it's interesting to me her "feel good" story happened right when the countertrend rally was gaining steam).
I would also point out that the Case-Schiller report, released before the open, likewise provided good bull fodder.
And where did we wind up on all this positive news? Here's a daily bar graph:
Hmmm. Not too impressive.
My overall portfolio slipped 0.21% today, which isn't too painful at all. The first couple days this week have been quiet, but the remainder have one big report before the market opens each day. Durable Goods on Wednesday, GDP on Thursday, and Personal Income/Outlays on Friday.
I've been at it since 4:30 this morning, so I think I'm going to cool it for a while.