Consumer Confidence fell 10 points last month.
That is a relatively rare event, occurring only 21 times in the 400 months or so the survey began its monthly format in 1977.
James Bianco notes that “Almost every such 10-point drop can be attributed to an unusual market-moving event.”
Stock market performance following these drops are usually poor:
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chart via Bianco Research
Stock market performance following these drops are usually poor:
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Bianco adds: “This is not meant to imply a cause and effect relationship, but is certainly something worth watching over the following months…”
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