The UMich confidence numbers came in this morning with a bang. For whatever the reason, this group of respondents had a very upbeat view of their current position. That is on the heels of the a so-so month in April.
The outlook was not as rosy and that may be as there was the beginnings of some issues arising in Europe and the equity markets rolling over.
Still the current conditions were the highest seen since December 2010. The index itself was the highest since January 2008.
That helped to put a spark under a market that was under attack from the JP Morgan (JPM) news. Shorts covering looks like it is in full gear as there were plently betting against the market today on the news.
The Conference Board’s numbers do not look as though there was as much upward confidence in the latest reading though.
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