WASHINGTON (MarketWatch) - Pummeled by higher gasoline prices, a weaker stock market and news about foreclosures, consumer sentiment fell in February to the lowest level since September.
The Reuters/University of Michigan consumer sentiment index fell to 88.8 in March from 91.3 in February, Reuters reported. The decline was exactly as expected by economists surveyed by MarketWatch.
Both subindexes were also at the lowest levels since September.
Attitudes about the current economy fell to 103.6 from 106.7 in February.
The expectations index dropped to 79.3 from 81.5 in February.
Consumers' inflation expectations were unchanged from February. Over the next year, consumers expect prices to rise 3%. Over the next five years, they expect prices to rise 2.9% annually.
It is in line, but obviously not a good trend. The markets are holding up so far, hoping for a rate cut. If they take NQ above 1769. 10 day EMA, they will actually rally some more. VXN did not give a short signal when the news came out. That can change, but again, QQQQ 43 is the pin. Not a good day to trade anymore. The action was pre-open, as usual on opex Friday.
The Reuters/University of Michigan consumer sentiment index fell to 88.8 in March from 91.3 in February, Reuters reported. The decline was exactly as expected by economists surveyed by MarketWatch.
Both subindexes were also at the lowest levels since September.
Attitudes about the current economy fell to 103.6 from 106.7 in February.
The expectations index dropped to 79.3 from 81.5 in February.
Consumers' inflation expectations were unchanged from February. Over the next year, consumers expect prices to rise 3%. Over the next five years, they expect prices to rise 2.9% annually.
It is in line, but obviously not a good trend. The markets are holding up so far, hoping for a rate cut. If they take NQ above 1769. 10 day EMA, they will actually rally some more. VXN did not give a short signal when the news came out. That can change, but again, QQQQ 43 is the pin. Not a good day to trade anymore. The action was pre-open, as usual on opex Friday.
This entry was posted
on Friday, March 16, 2007 at 3/16/2007 10:12:00 AM.
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