Tuesday, 10/29, Market WrapUp (Consumer Confidence Plunges)

Financial Sense Online ^ | 10/29/2002 | Scott Middleton

[rohry]

Posting problems again (do I sound whiney?)...This is my 6th attempt...

[EVO X]

do I sound whiney?)

Yes. However, I will side with you tonight. I got an internal server error message from The FR server..

[rohry]

Market WrapUp is delivered...

I almost gave up, however.

Over one hour to post an article is unacceptable...

[rohry]

Market WrapUp is delivered...

I almost gave up, however.

Over one hour to post an article is unacceptable...

[RightWhale]

Watching the $US to $EU every day. It's moved up a cent this week, but otherwise seems to be fairly stable. At least we are keeping even with the Euros, which might not be so wonderful considering their economy is not exactly robust either.

Also, it seems that new car sales are looking weak even with zero percent financing. Guess we are bought out for the time being. Since 'cars' is a big part of consumerism, the consumer index would naturally look discouraging.

Ginnie May has edged back up again. It tends to indicate that investors are feeling a little more cautious again.

Still waiting for the signal to jump back into stocks. No hurry, it won't be right away.

[imawit]

Anybody have the phone number for the administrator. Whoever should let us know what's happening.

Do you think this will clear up after the election ?

[imawit]

Still waiting for the signal to jump back into stocks

Hey there, just what is that signal going to look or sound like ?

[Cagey]

Over one hour to post an article is unacceptable...

It's subliminal advertising pushing Molasses Futures.

[sourcery]

Hey there, just what is that signal going to look or sound like ?

Dead silence. Seriously. When the bottom comes, most people won't care about stocks, nor wish to talk about them. When stocks are so out of favor that you can buy $1 of annual income for about $7, that'll be the time to buy.

[Moonman62]

Before P&G’s announcement the market was telling us that the confidence numbers were something to be concerned with.

P&G announced before the bell, so the above conclusion is wrong.

The fading consumer confidence is an indication of a lack of confidence in the ability of this economy to grow and generate jobs, and if there are concerns about the economy, there is going to be doubts on corporate profitability.

Correct, but the market doesn't care about consumer confidence (a universal mistake made by the chowderheads in the media), it cares about forward looking consumer expectations, which were bleak.

My guess is that the turnaround today was due to the market discounting a Republican victory and economic policy changes after the elections, plus some long overdue rate cuts from the dictator at the Federal Reserve. Of course, if those things don't happen the market will take back everything it's given, plus a lot more.

[RightWhale]

just what is that signal going to look or sound like ?

An interesting question. No cheap answer. Mainly things have to look better. Looks like stagnation now.

[Lunatic Fringe]

Hey there, just what is that signal going to look or sound like ?

When you hear the media saying stocks are dead, when your neighbor says "I'll never buy a stock again," when your friend calls you a fool for thinking about buying Microsoft... That will be the time to get in.

[rohry]

I just saw Michelle Malkin on O'Rielly. Man was she good!

Close the borders now!

[spokeshave]

"Still waiting for the signal to jump back into stocks"

What's the frequency Kennith....?

[Cicero]

FR was flaky today for the second day in a row. One minute you just can't get through, five minutes later everything works great, and then after another few minutes you can't get in.

There must be some kind of basic problem at the server. I haven't been having any problems going elsewhere on the net these past two days.

[imawit]

Awwww. You guys are just tooo technical. Any gut feels out there ?

[Always Right]

Still waiting for the signal to jump back into stocks. No hurry, it won't be right away.

The buy signal is pretty strong right now. The markets have hit their bottom and there will be a decent bull market over the next year or so. There is no real downside to the market right now, but there is a moderate up side. When the DOW hit under 7500 was the best buying opportunity.

[imawit]

There must be some kind of basic problem at the server. I haven't been having any problems going elsewhere on the net these past two days.

Ok, you're appointed, let us know what the administrator has to say.

[imawit]

The buy signal is pretty strong right now

Just when everything has just careened over this latest hump and headed down again ?

[arete]

There is no real downside to the market right now,

Oh baby, I got to save this one.

Richard W.