The market fooled me. I thought the Dow would advance to a new high, unconfirmed by the Transports. But what actually happened was that the Transports advanced to a new record high, unconfirmed by the Dow! If the market turns down from here, and the two Averages break below recent lows -- well, it could get very ugly.
I read Barron's early Saturday, and I was surprised at what I read. Therefore, I read Barron's page-by-page a second time, and I was not mistaken, Barron's had turned cautiously bearish. The lead article by brilliant editor Randall Forsythe noted that despite the fact that employment news was good, consumers are not spending. I include charts below of companies mentioned in the lead article in Barron's.
Actually, I think the dreaded news is now out and accepted that second quarter consumer spending will be down. Considering that consumer spending accounts for 70% of Gross Domestic ... Log in or subscribe to continue reading.
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