The investment journalists at Reuters have concocted a theory on how the coming week's market activity will evolve.
In one corner there is a failing European economy, with the spotlight now moving to Portugal and Spain. In the other corner we have a modestly improving American job market linked with a neo-happy consumer willing to throw money around at retail outlets all over this great land.
Whichever of these two memes becomes the most compelling, the direction of the indexes goes along with it.
Friday will be highlighted. That is the day when the government releases data on employment for November. The preliminary thought is that there will be a gain in employment. I suspect this is true simply because there is an increase in seasonal employment. Someone has to hand you a new TV at the mall.
My pointless and value free prediction is this. When all is said and done, the American consumer, yes that is you you ingrate, will have its way with the Euro and the big payday will be Friday.
Reuters: Euro bears jolt U.S. bulls but jobs may help
The government's nonfarm payrolls report on Friday is set to be another sign of a turnaround in hiring that could boost stocks through the end of the year.
"The consumer is more confident and they are spending a bit more money, and I think retail as a whole is perking up..."
...discounts were not as deep this year as last....
"It seems the American consumer is back with a vengeance..."
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