May 29 (Bloomberg) -- An index of consumer confidence in the U.S. jumped more than forecast in May as rising stock prices and a resilient labor market put Americans in a mood to spend.
The New York-based Conference Board's index of consumer confidence rose to 108.0 this month from a revised 106.3 in April, a five-month low. The index averaged 105.9 last year.
Solid bid accross the board. NQ makes a higher high from Friday and tests 1909 resistance. Watch support at 1900. TNX is stalled around 48.72.
The markets are shaking off the rate hike talk, which I always thought was nonsense. Rates might stay where we are, or even go down, but the Feds are not about to raise rates. They are perfectly content seeing bonds selling and playing catch up.
Keep in mind that the bulk of economic data is coming later in the week. For now, we have a relief rally mixed with some short covering.
The New York-based Conference Board's index of consumer confidence rose to 108.0 this month from a revised 106.3 in April, a five-month low. The index averaged 105.9 last year.
Solid bid accross the board. NQ makes a higher high from Friday and tests 1909 resistance. Watch support at 1900. TNX is stalled around 48.72.
The markets are shaking off the rate hike talk, which I always thought was nonsense. Rates might stay where we are, or even go down, but the Feds are not about to raise rates. They are perfectly content seeing bonds selling and playing catch up.
Keep in mind that the bulk of economic data is coming later in the week. For now, we have a relief rally mixed with some short covering.
This entry was posted
on Tuesday, May 29, 2007 at 5/29/2007 10:05:00 AM.
You can skip to the end and leave a response.
» Post a Comment