AMERICAN CONSUMERS SPEND TWICE AS MUCH AS EXPECTATIONS, GOLD FALLS ON THE NEWS $GLD $SLV $DIA $USO $SPY $GDX
This post was just published on ZYX Buy Change Alert.
February Retail Sales ex-auto were 1.0% vs. consensus of 0.5%. In our models we exclude autos because autos are very volatile and distort the results.
This is indeed good news and proves the skeptics on the American consumer wrong. Due to the rise in the payroll tax, even astute market watchers were concerned that the consumer would pull back. The numbers prove the old adage once again, ‘never bet against the American consumer.’
Gold futures were up to $1595-$1596 right before the Retail Sales number came out. Within milliseconds of the release of the good number, Smart Money was seen selling gold. … Please click here or the title below to read more.
March 13, 2013