Consumers never gloomier in 27 years: ABC poll says

[UpInArms]

Source: CBS Marketwatch

WASHINGTON (MarketWatch) -- Pessimism about the U.S. economy hit a record high in June with 78% of Americans saying the economy is getting worse, the according to the ABC News survey released Tuesday. Only 2% said the economy was getting better, ABC said. ABC first began asking the "better or worse" question in its monthly surveys in march 1981. In May, 77% said the economy was worsening, while 4% said it was getting better. The poll was taken between June 29 and July 13.

Read more: http://www.marketwatch.com/news/story/consumers-never-g...

[aspergris]

1. fwiw, many traders

use sentiment indicators as contrarian indicators

iow, when sentiment gets bearish enough, they go long and overly bullish and they go short

just something to keep in mind

[girl gone mad]

10. Not the intelligent ones. n/t

[aspergris]

20. the ones who make money

I've been a contrarian my entire trading career. that's how to make money

buy when there is blood on the streets, sell into euphoria.

I bought gold in 1998.

PEOPLE HATED gold in 1998

Hard to even find a quote on it

Now, AFTER it's gone up huge, everybody loves gold and you hear it on the radio

in 1998, it was TECH STOCKS.

euphoria. And we were near the crash

in the long run, buying other's panic and selling their euphoria works

you can follow the trends too as long as you set yer stops

but the big money is made by being a contrarian.

I've been extremely bearish (selling pops and doing over 2/3 short plays) since christmas

Euphoria was high at Christmas, and the bull was on its last legs

As usual, retail is now the most bearish its been AFTER a huge drop

I screamed to short banks when the bank index was 75

Its now 51

The time to get into your shorts was 50% ago (on the banks)

[carlyhippy]

2. oh, but it's all in our heads, don't ya know....what was it? mental recession?

oh well, our leaders turn their heads the other way, when it hits 100% they still won't acknowlege it.

[MichiganVote]

4. Yeah we're all just mental. Unpatriotic, whiny, crazy people.

[NC_Nurse]

3. Can't imagine why...the Decider said everything's A-okay...

what's wrong with people?

Oh, yeah, must be that "mental thing"...and the whining of course.

[BRLIB]

5. Damned whiners....

Didn't Chucklenuts say the economy is "fundamentally sound" today?

Oh, and it's growing too, like his nose. (MM)

[awoke_in_2003]

9. It is fundamentally sound

for the only people that matter in the country- the top 1 or 2%.

[RedEarth]

6. What's wrong with these people...life is good

...it's all mental, you're not really paying $4.00 a gallon and the stock market is in great shape...snap out of it.

[JDPriestly]

7. Babyboomers are a huge group in the population.

They are facing retirement and see that the value of their investments have fallen, that jobs are hard to get, that they have no pensions, that Social Security pays less than a subsistence living and that George W. Bush has robbed them and their children of a future. Bush's smirk is no longer reassuring. His cute little jokes are no longer funny. We are disillusioned. We worked hard and provided well for our parents and our children and Bush stole the money to give to his cronies in the industrial-military complex.

We've been had, big time.

[Truth4Justice]

13. Amen to that. Tougher times ahead for sure, thanks to * and the GOP.

[natrat]

19. he was never funny or remotely reassuring, and pitty those who didn't recognize the scam

[jwirr]

8. In our heads - gloomy? They think it is all in our heads but why does

my checking account say it is empty and I still need to go 15 more days this month? Surely I cannot manipulate my checking account by what I think? If so I am going to think up and not down.

[Patchuli]

11. We're *not* "consumers" dammit!

We the American People and we're getting screwed! When do we stop this gravy train??????????!!

[Truth4Justice]

12. I am tired of the "consumer" label too. That started during Ray-Guns administration.

[Patchuli]

14. Ronnie RayGun was the start

of many baaaaaaaaad things! I hate when I see people talking about him like he was actually worth a damn...such a corny freakin' actor.

[Truth4Justice]

16. "Bedtime for Bonzo"..a perfect movie for a second rate actor...

too bad he ruined CA as governor then 8 years ruining the country along with pappy Bush and their voodoo economic policies. When will this country wake up?

[intheflow]

15. Amazing how it was 28 years ago that Reagan took power.

This gloom is the inevitable result of the Repuke 30-year plan/Contract on America. Pisses me off I could see this coming so clearly before I'd even turned 20 in the early 80's but so many people fell for it hook, line and sinker.

[Truth4Justice]

17. And no one listened to Carter. We are so screwed thanks to the GOP.

[Maeve]

18. And consumer prices just jumped more than they have in 26 years

And fools think Republicans in office are good economically

[Stuart G]

21. Not good news. In fact..

very very bad news.

[treestar]

22. Such whiners