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An apple a day keeps the repo man away? Nope...
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American Express told us consumers are not spending on their credit cards like they used to, not even their richer clients. They also saw a deterioration in credit quality of their credit card loans. Apple told us that while sales in the recent quarter were OK on the backs of the new I-Phone - if nothing spectacular - they also saw a pullback in overall consumer demand for their products, cutting forecasts for future quarter sales and earnings. All suggestive consumers are struggling to keep their heads above the financial waters in the face of collapsing housing market, weak employment markets, and rising food and energy costs. The stock market opened hard today on the backs of these smacks of reality in the head to complacent bulls, only for a rebound to land shortly after the open. Any and all rallies - including this one - should be used to exit longs and enter short trades in anticipation of a move to new lows. The internal quality during that expected hard decline should dictate whether such a move to new lows is destined to be a fake whipsaw as part of the bottoming process, or a bona-fide crashing capitulation crash. Watch out: the repo man is coming to a street near you... | ||
