Just as expected, with the June FOMC coming in fast and furious, the data
better start coming in bad to quite bad. Sure enough, here is consumer
confidence (not from UMich, but from the Confidence Board, because we need at
least two indicators for every economic data point to maintain the
Schrodingerian Baffle With Bullshit illusion long and strong) setting
us off on the right, er, wrong path, with a 3 sigma miss to expectations of
69.6, dropping precipitously from 69.2 to 64.9, the lowest since January, the
third miss in a row, and undoing all the "gains" from the recent bipolar
UMichigan consumer confidence which in turn soared for no reason whatsoever.
This is either good or bad for stocks.
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