Maybe the Worst Is Over…For Today

The worst of the selling seems to have passed this morning. The S&P 500 reached a low of 1040.78. So far, the Buy List is holding up much better than the rest of the market although that’s not saying much today. We’re basically going through the Flash Crash again but not nearly as fast.
Nicholas Financial (NICK) is up slightly. I thought Medtronic (MDT) would be doing better, but it’s still early.
The good news today is that the consumer confidence report showed more optimism from Americans.

The Conference Board, based in New York, said Tuesday that its Consumer Confidence Index rose to 63.3, up from a revised 57.7 reading in April. Economists surveyed by Thomson Reuters had expected 59.
The increase was boosted by consumers’ outlook over the next six months, one component of the index, which soared to 85.3 from 77.4, the highest seen since it reached 89.2 in August 2007, before the economy entered in a recession.
The other component of the index, which measures how shoppers feel now about the economy, rose to 30.2 from 28.2.

The problem, of course, is that these are Americans, not Europeans.

Posted by on May 25th, 2010 at 10:59 am


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