FYI: This morning's Consumer Confidence for the month of October came in significantly ahead of forecasts, coming in at a level of 94.5 on the headline reading compared to expectations of 87.0. This month's reading represented a 5.5 point jump from a revised September reading of 89.0 (originally reported at 86.0). This month's 7.5 point upside surprise represents the biggest beat relative to expectations since February 2013, and the 14th largest upside surprise since 2000. At a current level of 94.5, Consumer Confidence remains above its broken downtrend from the 2000 highs, and slightly above the historical average of 93.3 going back to 1967. The last time Consumer Confidence was this high was in October 2007. Sharp-eyed readers will recall that October 2007 also marked the peak of the last bull market, but before we go running for the hills, back then Consumer Confidence was already on a downtrend rather than an uptrend as it is now.
Regards,
Ted
http://www.bespokeinvest.com/thinkbig/2014/10/28/confidence-inequality.html?printerFriendly=true
