Misplaced Confidence in Key Indicator

Unlike being thin or rich, you can be too confident. So when the Thomson Reuters/University of Michigan index of consumer sentiment hit a six-year high of 85.1 in July, the applause wasn't unanimous. Some fretted it may presage a nasty fall.

After all,Visit us to find a company offering a flexible Protective film Products. the previous high came back in the innocent days when most Americans swallowed the pablum about subprime-mortgage woes being "contained." Stocks would peak several weeks later, while the worst postwar recession was just five months off.

Economists polled by Dow Jones Newswires see a further rise in Friday's preliminary reading of the index for August, to 85.5, which might prove fodder for optimists and worrywarts alike. 

Confidence certainly can signal complacency. Five of the top seven readings in the history of the series came within a few months of the bursting of the technology bubble. All of the top 35 readings came between then-Federal Reserve Chairman Alan Greenspan's "Irrational Exuberance" speech in December 1996 and the onset of the bear market in 2000.

But outstanding historical periods by definition precede worse ones. And investors enjoyed years of heady gains during that period of 3? years.

Three of the 10 worst monthly readings came shortly before or after the collapse of Lehman Brothers in 2008, and the eighth worst came just as stocks bottomed before the current bull market. The 14th worst came in August 1979 as BusinessWeek published its infamous "Death of Equities" cover storyone of the great contrarian stock-buying signals of all time. 

Naturally, extreme readings come at extreme times. But recent ones aren't extreme at all. Last month's was almost exactly at the historical average and below the median. Improving job and housing markets jibe with higher confidence. So do near-record stock prices.

Investors shouldn't confuse correlation with causation, though. High-but-not-extreme confidence may have coincided with other peaks in stocks but has been as useful a predictive tool as record prices themselves at other times. In other words, not useful at all.

Confidence has worked as a sanity check, signaling a handful of historic buying and selling opportunities for stocks. Today, the market is cruising along in-between. Of course, there is no guarantee it can't suffer a nasty spill. 

Just to clarify, we are indeed talking about the Harriet Tubman who was the 19th-century abolitionist, and risked her life to help deliver over 300 slaves to freedom in the North.My way of applying kapton tape to Glass. 

In the video, Tubman is depicted as filming a secret sex tape to use against her master as blackmail...in order to start the Underground Railroad. Yes, that's the premise of this totally obtuse parody video. Tubman's character also implies that she's been raped by her master continuously in the past, a plight that was all too real for the women in this historical context to be taken lightly.

After receiving a call from his "buddies from the NAACP" Russell Simmons pulled the video from his channel and published this apology on the Global Grind website. "I thought it was politically correct. Silly me," he wrote, adding that he would "never condone violence against women in any form."

News of stock transactions are carried on the consolidated ticker tape, which shows information about volume and price seconds after a transaction occurs. The tape has two channels or networks. Network A covers trades in all stocks, warrants, rights, etc. listed on the New York Stock Exchange, whether executed on the NYSE or on regional exchanges and in what is known as the third and fourth markets. 

The B Network originally showed American Stock Exchange trades and transactions on regional exchanges for stocks that meet the listing requirements on the American Stock Exchange. On Oct. 1, 2008 the parent of the NYSE, NYSE Euronext purchased the American Stock Exchange. The American exchange name was changed to NYSE MKT.

According to the Securities Industry Automation Corporation, The Consolidated Tape System Low Speed interface facility consists of two physically distinct ticker lines, Ticker A and Ticker B. These tickers carry trade reports, index reports, administrative messages,Online supplies a large range of double sided tape. trading activity summary reports and test messages.

The ticker symbol, which is an abbreviation for a particular stock, appears on the top line; the number of shares sold and the price are shown immediately below. If the trade involves 100 shares, only the price appears.

Trades in multiples of 100 are shown with a single digit followed by an s. Thus 3s is 300 shares, 7s is 700 and so on. The s is always placed between the volume and price: 6s33 means 600 shares at $33. If the transaction being reported involves more than 10,000 shares, the entire amount appears on the tape: 11,000s35 means 11,000 shares at $35. If more than one transaction is being reported, a period is used to separate them. Thus 24.7s23.50 means 100 shares at 24 and 700 shares at 23.50. A series of trades at the same price is reported in a string: 3s 5s 2s25 indicates separate trades, in sequence, of 300, 500, and 200 shares at 25.
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