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I am worried about the consumer driven economy because:
- Credit card debt is nearly at all time highs
- Savings for the average consumer are nearly tapped out (the savings rate numbers are skewed by the large amount of cash held by the top 10%)
- Buy now and pay later is at an all time high and typically not monitored by credit agencies
- There is a mindset that "I can keep spending and if something goes wrong, the government will bail me out"...and that's not going to happen.
My prediction is we either hit the soft landing...and that would be wonderful. Or we fall off a cliff. I don't think there is any in between.
How will S&P close at the end of 2023?
S&P 500 dived on Wednesday but then rebound on Thursday.
Some believe the expected correction has finally arrived.
Others say vacation starts tomorrow and all the traders liquidated their positions.
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How will S&P close at the end of 2023?
A short-term correction or a santa rally?
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