Chuck Scarett: How you feelin' today?
Joe Scheffer: Confident!
Big divergence between Conference Board measures of consumer confidence and income growth. We should note that this divergence was widening even before last fall's presidential election.
Interestingly, confidence has a better correlation to stocks than income.
Over time, however, the divergence between confidence and incomes are likely to disappear. If this means that confidence aligns more with current trends in income, then this resolution would not bode well for stocks.