Published on Zero Hedge (http://www.zerohedge.com)
Surge In Consumer Confidence To 2008 Levels Sends 10 Year Yield To 2013 Highs
By Tyler Durden
Created 05/28/2013 - 10:13
The Conference Board's measure of just how awesome everyone feels just hit its highest level since February 2008 driven by an impressive surge in 'Expectations'. This should surprise nobody: as we previewed earlier today [1], "just to make sure that the market closes well green today, the only actual "data" will be yet another reading of consumer "confidence" this time from the Conference Board. Expect this to surge on news that it is Tuesday and stocks have nowhere to go but up, which in turn will send stocks, where else but, up." In short: reflexivity in all its glory. And to think it was just 10 days ago [2]that the market reacted in absolutely the same way to a UMichigan confidence print that beat expectations by the most ever and to the highest since 2007. Perhaps if the US had one consumer confidence metric for every day of the week, all days would be like Tuesdays.
Links:
[1] http://www.zerohedge.com/news/2013-05-28/traders-taunted-20-out-20-turbo-tuesday-pomo
[2] http://www.zerohedge.com/news/2013-05-17/michigan-confidence-soars-highest-2007-biggest-beat-expectations-record
[1] http://www.zerohedge.com/news/2013-05-28/traders-taunted-20-out-20-turbo-tuesday-pomo
[2] http://www.zerohedge.com/news/2013-05-17/michigan-confidence-soars-highest-2007-biggest-beat-expectations-record
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