Aluminum or retail sales, which matters more?

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.

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