So Alcoa posted a loss as expected, and everyone seems pleased with that result overall. (Not sure why.)
Overseas markets reacted positively, and futures are pointing up for U.S. stocks right now.
Yet June retail sales stunk. And while companies love blaming the weather, I’m not buying that as the reason. Heck, when it rains during the summer don’t MORE people head to the shopping mall?
Whatever way you look at it, the real answer behind quiet cash registers is simple — people have less money, less job certainty, less available credit, and less inclination to spend.
And that’s much more imporatnt to our economy than aluminum prices or demand, don’t you think?
We’ll see how the market ultimately digests this news throughout the day.
Related posts:
- Foreigners Just Say No to Treasuries Foreign demand for U.S. Treasuries dropped at the greatest rate in history during December, according to Washington. Could this be the...
- Avoid knee-jerk reactions … Just a quick note to my subscribers and other readers: Despite the major market drop over the last week, I do not advocate...
- How can you get income from gold? CLICK HERE to join the discussion! We’ve been talking about how to get more income from retirement nest eggs. And...
{ 3 comments… read them below or add one }
It’s ridiculous, the spin regarding Alcoa’s less than expected loss. It was still a loss, nothing to brag about in my opinion. Also, some of the media is making a big deal over the drop in initial jobless claims last week. Last week was a holiday week, and they always drop around a holiday. Also, one week does not a trend make (as we all know). I wish they would quit reporting weekly numbers. It’s meaningless (and annoying).
Nilus Mattive Reply:
July 9th, 2009 at 9:33 AM
I agree completely on all counts, Lyn!
Hi Nilus
Good insights on Retail!
Nilus
Good insights on retail. How ridiculous (and offensive) their excuses!