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Weak Earnings and Bad Economic Data Pummel Stocks – Ep. 48

The Peter Schiff Show

  • Wall Street spared blizzard only to be buried in bad earnings and bad economic news
  • December durable goods down 3.4%; expected to come in at +.7
  • Consumer confidence up to 102.9;¬†contrarian indicator
  • Last time consumers were this confident was in the middle of 2007
  • Number will collapse when reality has a violent confrontation with perception
  • P&G earnings down 31%
  • Caterpillar warned
  • Microsoft stock down 10% today
  • UPS announced they overestimated holiday sales
  • Businesses geared up for a recovery in late 2013 that was not going to happen
  • Layoffs coming in 2015
  • This may give the Fed an excuse to delay rate increase
  • How can a strong dollar be good for America but a weak euro be good for Europe?