The Consumer Gets It
The most important news on the economy this week is yesterdays report that consumer debt fell a record 21.6 billion.
On the other hand, the sectors of the economy that are getting bailouts, mainly Wall Street, think everything is ok again and are willing to push P/E ratios up to ridiculous levels. Today, as we have noted some time ago, 9/9/09 is the start of a 5 day window through 9/14/09 when the long-term cycles roll over. As this occurs some of the summer rally levels are being retested and some broken, but it is just a function of the topping process.
7:45 AM CDT