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Contrary to conventional wisdom, says Citi's Tom Fitzpatrick, it's consumer sentiment that...

Contrary to conventional wisdom, says Citi's Tom Fitzpatrick, it's consumer sentiment that drives equity markets, not vice versa. To him, the turn lower in consumer confidence (not yet showing up in stocks) suggests the market is headed down - perhaps revisiting the lows of 2011.
Comments (2)
  • There are plenty of reasons to be wary of market levels, starting with Europe's woes. But look at the positives. Our cash levels continue to hit new highs, consumers are deleveraging to levels that we should have had five years ago before the euphoria of endless growth overwhelmed good judgment, we are finally engaging in serious debate about national debt levels and stock prices (P/Es) are unusually low. Any price drop will be a buying opportunity.
    27 Jun 2012, 12:19 PM Reply Like
  • Ast the Dow goes down [ 7-23] -- so does DXD -- what gives?
    23 Jul 2012, 01:48 PM Reply Like
DJIA (DIA) S&P 500 (SPY)