stocks slump on consumer data

[wimpy77]

wow, consumer spending fell 1% in march. im actually not suprised march saw some of the biggest layoffs. there are going to be blaming obama's speech too, but i didnt hear anything that would trigger a massive selloff.

 

[Paulie]

1.1% isn't all that bad, considering. It could have been worse. Ex-autos, it's under 1%. Who wants to buy a brand new American made car right now anyway?

While low consumer spending isn't the best thing for equities, it's nice to see people saving rather than blowing their money on CRAP.

 

[Tech_Esq]

I heard the expectation was for a rise of .3% so coming in at -1.1% is a huge reversal from the expectation.

 

[Paulie]

Well frankly, the expectation was coming from fucking la-la land.

Consumers have almost no good reason to go blow what little income they still receive.

 

[wimpy77]

true

 

[wimpy77]

i wonder if we will see the long awaited correction that the "experts" have been predicting since the end of march. meaning another down trend.

 

[wimpy77]

didn't want to make another post

dow and s&p are up but the nasdaq is down. the chips aren't looking good for the year.