No surprise on the sentiment reading, even though so-called experts were calling the number to rise MoM. Not sure where this renewed optimism is coming from, but the sentiment number was horrible--and just in time for the jolly good days of St. Nick!
The print came in at 66, well below the consensus call of 71. More importantly, though, is the 66 print is the lowest since August--and that's when we had the all-super cash-for-clunkers program!!
Market is up on momentum trading right now. Don't be shocked to see a sell-off this afternoon--particularly with the Oct. retail figures set to be released on Monday morning. It will be tough to justify staying long through the weekend with that timebomb set to go off!
Talk to you,
Todd M. Schoenberger, Managing Director
LandColt Trading, LLC