You got to hand it to Yammers as he comes up with the correct prognostication on the consumer sentiment read. He did tell me that the revision never clips 3 points--in either direction--but the print did exceed Wall Street consensus.
The number was revised to 65.7 from 63.2 and goof-ball traders will focus on the fact that the number was still lower than the 66.0 reading for July. But, again, sticking with history, it would have been difficult for the read to bounce above that figure. Look for the "professional" investors to jump in later today and push this winning streak even higher. As of this writing, the "500" is down .25%--so, let the suckers push values lower so the big boys can move in.
As for the bet--well, we both win. Rich Yamarone's knowledge was spot-on and I still get one helluva steak at the Peter Luger Steak House.
Todd M. Schoenberger, Managing Director
LandColt Trading, Inc.