Consumer confidence numbers were expected to be around 55-56 and came in at 46. Let’s talk real for a minute. The big banks, hedge funds, and traders do push their weigh around in the market and can set markets up or down. However, we the people the consumers run the show. If people are not spending money the market should sell off. These swings could go on for a few years which can even effect the technology sector of the market. This sector in my estimation is overbought and could sell off in the near future. Google and Apple are doing well but what about everyone else? The amount of money many companies spend on research and development may have to be cut back if consumers limit spending habits.
