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America to Americans: You are not as confident as you think you are
By Brian | June 30, 2009 | Share on Facebook
From the top story on today’s Yahoo Finance page:
Investors are adding consumer confidence to their growing list of things to worry about.
Stocks reversed early gains Tuesday and moved lower after a private research group said consumer confidence unexpectedly fell in June. The Dow Jones industrials fell 105 points in late morning trading.
After months of economic data showing that the recession was not getting worse, investors are hungry for signs that the economy is actually growing. Investors have grown nervous that the economy’s rebound won’t be as robust as hoped.
So, basically, here’s the conversation we’ve been having with ourselves:
Investors (last few months): We’re finally starting to feel better about the economy. We’re going to buy some stocks.
Investors (day before yesterday): Still feeling better. Keep buying stocks…
Private Research Group (yesterday): We know you thought you were feeling better, but you’re not. You’re feeling worse.
Investors (this morning): Holy crap! This news has made me feel worse. Sell the stocks! Sell!! Sell!!!
Perhaps what we have here is an over abundance of information, which has crossed the “cause & effect” transom to become a self-fulfilling prophecy?
Topics: Money Talk | 3 Comments »
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