Wall Street got a firm smack on the ass today and not in a good way. The Dow lost 0.3% of its dignity, while Nasdaq lost 0.7%. The slip is partially due to US consumer confidence, which is pretty poops right now according to a new report out today that states it’s at a sixteen year low! This is due to the usual culprit, weak growth, and its naughty love affair with higher prices is not helping. Also increasing oil prices are a concern. That’s your not-so-surprise of the day, cherish it.
This guy, Ralph Parks of Ralph Parks Investments, says something like he thinks in six months we’ll all be “dancing and laughing and forget that all this ever happened,” ok no, he said “I’d say that about six months from now, the market should be stronger and the economy should start to pick up, since the market reflects the economy.” Are you sure? Who knows. CNN seems to believe him, as they quoted him in their article.
