University of Michigan's initial consumer confidence reading for July came in at 72.0, below the 73.5 consensus. We had expected a miss (as mentioned on Monday), so this was not surprising; however, the market's reaction to such a disappointing economic indicator is. JPM and its management team have gotten everyone to 'buy in' as S&P 500 is up 1.3% at 1351.7! We remain less optimistic and do not expect as nice of a bounce in economic recovery during Q3 as the equity market may be hinting.
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