Inflation, meh! Growth, bleh! Unemployment, whatever! The terrifying news is that it seems, despite the ongoing ‘surge’ to new all-time highs in stocks, they are losing the confidence of the “rich”. With everything hinging on the ‘wealth effect’ of moar QE and a levitating US stock market, the fact that Bloomberg’s Comfort Index for the most affluent earners just collapsed (and stayed at) seven-month lows – in the face a rip-your-face-off rally in stocks – suggests even the wealthy know when the music is beginning to end…
In the short-term, the “belief” of the wealthy is fading…
and the overall economic index is diverging badly…
The bottom-line is that if even the wealthy ain’t buying it, then just who is this farce for?
Source: Bloomberg and @Not_Jim_Cramer
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via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/dh_szuZp71g/story01.htm Tyler Durden