From My Friends At Sigma Research
As long as the housing sector is still declining as was evident in this week's July data on existing and new home sales and consumers unwilling to spend the economy will at best muddle along. Almost every measurement of the economy that has hit over the past six weeks has been soft; manufacturing is slowing, consumers are holding back, there is no market of consequence for home purchases, and businesses uncertain how all the actions out of Congress will impact their business (heath care, FinRegs). While the outlook has changed from exuberance over the recovery to one of uncertainty, markets are adjusting to that "new normal" that was so roundly ignored by most analysts. Still don't expect that double dip that seems to surface any day the equity market declines, but it is unlikely economic growth and lower unemployment is on the radar.
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The Gregg Slapak Team
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