It is truly amazing how many people out there believe the economy is
improving just because the S&P 500 managed to get to 1,400 this past week.
Much emphasis is being put on the employment data. Outside of that. only
auto sales really managed to surpass expectations regarding the U.S. data
flow that has been released since the start of the month.
Meanwhile. personal income, consumer spending, ISM. net trade, NFIB.
IBD/TIPP economic optimism, industrial production, NAHB, housing starts,
University of Michigan consumer sentiment. and now. existing home sales. all
came in below consensus estimates. So 11 indicators have missed. Just 2
have beat. and supposedly we have some sort of nifty growth spurt going on.
Update: Housing. Picture-1000 words department