The Best Currency By Far

Kevin Cook here for Reity this week...

Tuesday's economic data delivered the sound of a distant but familiar boom: Consumer Confidence exploded to a level not seen since the year 2000. The index reading of 125.6, more than 10 points higher than consensus, was built on robust expectations for jobs and income.

Consumers are pleased with current conditions and optimistic about the future, even if this exuberance isn't all showing up in the Retail Sales data. Bloomberg.com noted...

"Watch on Friday for the consumer sentiment report which breaks down what it describes as unprecedented polarization in its sample between the optimism of Republicans and the pessimism of Democrats."

Bottom line: The most important currency in the world is, and always has been, confidence. As the S&P 500 tests some resistance at 2360 on this first bounce off of support at 2325, I expect that the battle of confidence among fund managers will be won by the bullish on any further tests lower.

Best,

Kevin Cook

Senior Stock Strategist, Zacks Investment Research

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