Big Reversal For Consumer Confidence

The Conference Board just announced that, in December, its Consumer Confidence Index dove to 88.6 from 96.1 in the face of an expected improvement to 97. The Expectations sub-index fell to 87.5 from 89.5 while the Present Situation component plunged to 90.3 from 105.9. Investors also just learned that Existing Home Sales in November fell to an annualized pace of 6.69M from 6.86M. Analysts weren’t far off with a November forecast of 6.7M. A data bright spot just came in from the Richmond Fed with a report that its Manufacturing Index rose to 19 this month from a level of 15 in November. Forecasts indicated a decline to 11.

So far this morning, equity indices have moved into red territory with Treasury prices moving up slightly. The Ten-Year has fallen a bit to a yield of 92 basis points. Crude oil is down about a buck to $47.02 while gold is pretty flat at $1,877.