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December 27, 2012 at 08:22 AM
Advisors and consumers revealed different views on where the economy and markets are headed in December, for the second month in a row.
The Advisor Confidence Index, released by Rydex AdvisorBenchmarking on Monday, showed that advisor confidence increased significantly in December. It rose more than 18% from 85 in November’s to hit nearly 101 for the final month of 2012.
Meanwhile, the Conference Board’s Consumer Confidence Index dropped to about 65 this month from a downwardly revised 71.5 in November, the group said early Thursday. Economists polled by Reuters had expected a rosier reading of 70.
“Consumers’ expectations retreated sharply in December, resulting in a decline in the overall index,” said Lynn Franco, director of economic indicators at the Conference Board, in a statement. “The sudden turnaround was most likely caused by uncertainty surrounding the oncoming fiscal cliff.”
Advisors, though, are more upbeat as they look at the year ahead, according to some views shared with Rydex AdvisorBenchmarking.
“Seasonal forces should carry the market higher into April and May of next year,” said Kenny Landgraf of Kenjol Capital Management, in a press release. He believes we are nearing the end of the selling wave.
“In addition to that, some deal coming out regarding the fiscal cliff and the market will move higher for the short term into the spring,” Landgraf explained.
