Phil Flynn: Consumer Confidence?

The market awaits the latest reading on consumer confidence but what is the point. The US consumer is showing their confidence with the wild Black Friday and Cyber Monday spending spree. It appears that the US consumers are able to ignore the worries in Europe and the rest of the world, giving incredible upside momentum in the petroleum complex.

It is obvious that the US consumer is feeling better about our economic outlook, or at the very least they just need to get out and spend. So instead of worrying about Europe and looking to the developing world, perhaps the world will once again look to the American consumer to once again bail out the global economy. Ahh just like the old days.

Of course oil is also gaining support from overseas worries. Despite the reports of a natural gas pipeline explosion in Egypt the truth is the election in Egypt seemed to be rather calm.

The Global Warming Conference in URBAN, South Africa is not going all that well. According to the USA Today the conference is warning that global warming already is causing suffering and conflict in Africa, from drought in Sudan and Somalia to flooding in South Africa according to President Jacob Zuma.

He urged delegates at an international climate conference to look beyond national interests for solutions......Read the entire article.


Is This December Similar to 2007 & 2008 for Gold & Stocks?