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Postby Trading.AdvantageCom » Tue Nov 13, 2012 1:52 am

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The market temporarily stabilized on Friday after a little bit of decent economic data as consumer sentiment rose to its highest level in more than five years. The Thompson Reuters/University of Michigan on consumer sentiment came in at 84.9, up from 82.
Why said consumer is suddenly optimistic, I have absolutely no idea. Generally, most economic data remains mixed at best, but even data like the last jobs report are lacking the necessary wage-based income growth needed to be sustainable.
Factor in the disruption from Sandy which will most likely exert a drag on consumer spending growth headed into the holiday season, and the forecast turns downright sketchy.
All of this comes with a worsening European “s%@t storm” and the big daddy downer of them all, the looming fiscal cliff. While both President Obama and Speaker of the House John Boehner took to the airwaves on Friday, proclaiming they want to solve the fiscal cliff, it sounded to me like more of the same.
Obama called for compromise in the context of tax cuts on the wealthy while Boehner talked of spending cuts and really by the end both of their eloquently crafted words amounted to blah, blah, blah.
Tuesday night’s results did nothing to change the basic dysfunctional dynamic between the two political parties. Victory guarantees the president nothing more than the headache of building consensus in a gridlocked capital. And of course, it’s all of us that pay the price. Somehow it’s hard to be confident.

Trade well and follow the trend, not the so-called “experts.”

Behold the age of infinite moral hazard! On April 2nd, 2009 CONgress forced FASB to suspend rule 157 in favor of deceitful accounting for the TBTF banking mafia.
Best Trades to you,
Larry Levin
Founder & President- Trading Advantage
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