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The main price action for the day was in the morning when prices fell to yesterday's support. But prices moved higher from there and eventually ended up .85%. However, the real issue is tomorrow's jobs report; that is where the rubber will meet the road, as it were.
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The person I trust the most to give me amazingly accurate on-the-ground-assessments of retail sales is Mrs. Jimdotz, so when I saw today's piece in the New York Times entitled Retailers Report Back-to-School Buying Is Weak, I immediately asked for her opinion. Here is her reply that I encourage all of you to take seriously as an anecdotal harbinger of the future state of the retail sector:
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I honestly believe that some people started shopping for bargains out of necessity, and some started because they simply couldn't justify spending the money when those around them could not, and some started because they wanted to belong to the "IN" group of those who "HAD TO" stop spending money... so they could complain and just be part of a group.
THEN... a lot of people have found that shopping outside of Macy's, Lord and Taylor, and other high end stores is actually okay and then they have this veil lifted, light surrounds them, they become conscious, and then they wonder why they ever wasted all that money in the first place.
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(Bonddad, if this comment does not comply with the new rules, would you please explain the reason so I can avoid the problem in the future? Thanks)
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