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Market Commentary

Consumer Confidence Plunge

By Charles Payne, CEO & Principal Analyst
1/29/2019 12:33 PM
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The Consumer Confidence report for January plunged mostly over anxiety over unresolved political battles and the lingering impact from the December stock swoon.  The report is a tale of the current good times coupled with worries that they might come to an end if the headline risks aren’t resolved.

The great news is people are feeling flush and confident now, and even with all the issues, fewer see incomes decrease six months (expectations) from now.

Present Conditions 169.6 from 169.9

Business conditions

Jobs

Expectations 87.3 from 97.7

Income

Jobs

A similar anxiety is playing out in the stock market today, as investors are flocking to Dow Jones blue chip names and selling momentum names ahead of Apple’s (AAPL) earnings release after the close.   Breadth is positive on NYSE, but the opposite is happening on the NASDAQ where most of the high flyers are listed.

There isn’t a sense of panic, but investors are champing at the bit after this remarkable start. There must be catalysts however beyond low expectations and oversold conditions coming into 2019.


 

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