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Stocks continued their sideways dance on Tuesday even in the face of outstanding news on the economic front. I am referring to the surprisingly strong Consumer Confidence report which sprang from 97.3 all the way up to 101.1.
Rarely does this indicator move so much in so little time. But it is a clear and resonate sign that the consumer is healthy and ready to spend. That point was also made clear in the personal consumption component of Q2 GDP and in the Personal Income & Outlays from Monday.
Stocks could have done a triple jump to 2200+ on that news alone. Yet with so many other meaningful reports soon on the way, then perhaps investors wanted to check a few more boxes before bidding stocks higher.
Here are the meaningful reports on the upcoming calendar. The most important are in bold:
Wednesday: ADP Employment, Chicago PMI
Thursday: PMI Manufacturing, ISM Manufacturing, Construction Spending
Friday: August Employment Situation
Tuesday: PMI Services, ISM Services
Wait for them to turn positive if you like...but if you are too late climbing on board, then the stock train may have already left the station.
Best,
Steve Reitmeister
Executive Vice President, Zacks Investment Research
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Stocks continued their sideways dance on Tuesday even in the face of outstanding news on the economic front. I am referring to the surprisingly strong Consumer Confidence report which sprang from 97.3 all the way up to 101.1. 
