Investors have had to contend with some interesting markets recently. Last week, it was the case of futures/ indexes being bid up early, and then watching everything trade sideways for the rest of the day (happened last Tuesday, Wednesday and Friday). But today the intraday chart for the broader indexes, and pretty much every non-energy stock, was diagonally lower. While the move started just before the Consumer Confidence data was released, it is hard to say if an inline result would have made any difference… remember, the calendar is at quarter end, and accounts are repositioning. Investors are watching the economic data intently, not only for recessionary signs, but also for clues to how long the Fed will keep raising rates. And today’s Consumer Confidence showed a drop to 98.7 (versus estimates of 100). While the Present Situation dropped to 147.1 from a revised lower 147.4, the Expectations Index fell to 66.4 from last month’s 73.7, its lowest level since 2013. Investors will not need to wait long for the next series of data for added insight, as Personal Spending/ Income and PCE come Thursday.
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