It's obvious that the hurricanes will drag this number down, and because of that, separating the trend from the noise is going to be hard. When it's hard to assign a meaning to this number, the market will likely just overlook it.
The market is clearly responding to the drop in consumer confidence. It's hard to be terribly optimistic when it cost you $60 to fill up the car.
It's really the Fed at this point that's kept the market in check. The historic conversation between the Fed and the markets has become a bit of an argument over whether there's really inflation, and whether we need those rate hikes.
It's really the Fed at this point that's kept the market in check.
It's clearly not good, but the market is probably more focused on the economic front.
We are starting to see the bite from some of the risks that have been lurking in the background, like oil. I think it's going to continue to be tougher for this market to do anything positive.