This morning at 10:00am EST, November Consumer Confidence was reported at 49.5 vs the expectation of 47.3. The SPY jumped up from under $110.20 to $110.68 in about a minute. That is the first time in a while that I have seen the markets react so powerfully to a news release. Only 10 minutes later though, SPY is back down below $110.20. Even with SPY inching back upwards right now, the fact that the consumer confidence boost was short lived, should be a telling sign that SPY will move lower today.
But in regard to the report, my question is, what are consumers confident about?
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