Ever been to the Peter Luger Steak House? It's one of those old-school steak houses where you can still smoke a cigar in the bar. If you haven't been, well you must go one time in your life. But, there's a lot at, eh em...stake today on a dinner at Peter Lugers.
Here it is:
The final read from the University of Michigan consumer sentiment figure will be released today at 10am NYT. Now, to remind you, the preliminary figure was released earlier this month and came in super low. Actually, the figure hadn't been that low since March (that's right, March 9th was the low in the last bear market. :) ).
What was unusually about the low reading was everything that occurred leading up to the print. In July, the markets rallied 8+%; July unemployment actually dropped 0.1%; home values not only appreciated, but people are actually buying houses; even the retail numbers were promising.
And, we still have a reading so low that depression wouldn't just describe the economy, but the mood of all Americans. Ouch!
So, my friend and Chief Economist for Argus Research, Richard Yamarone, tells me that the number will not be revised higher than 66.2 (the preliminary reading came in at 63.2). Anything higher than 66.2, and a New York Strip and a bottle of Simi Cab will be all mine. Anything lower, and I'm buying. Interestingly, Peter Luger doesn't accept credit cards.
Hope Rich has some cash on him. :)
Stay tuned at 10:00am when the report will be released.
Todd M. Schoenberger, Managing Director
LandColt Trading, Inc.