U.S. stocks fell and the Standard & Poor’s 500 Index retreated from an eight-month high as consumer confidence trailed projections and companies from Office Depot Inc. to Coach Inc. posted worse-than-estimated results. Oil and metal prices slid, while Treasuries climbed.
Maybe investors are listening more to their own common sense and less to the crummy Wall Street analysts I referenced in yesterday's post. If they do listen to common sense, maybe they'll hear it screaming this:
Confidence among U.S. consumers fell more than forecast in July, reflecting a surge in unemployment that threatens to undermine household spending.
The Conference Board’s confidence index dropped to 46.6, a second consecutive decline, following a reading of 49.3 in June, a report from the New York-based group showed today. The figure reached a record low of 25.3 in February.
I heard that! Now hear this: This bear market is still alive and kicking. I'm not paying any attention to "green shoots" that are suitable for some dingbat sell-side analyst's hookah.
