10/15/12 1:32 PM – Retail Sales Up, Fiscal Cliff

I wrote recently that housing was improving. Today we got a better than expected retail sales number, mainly driven by higher car sales.

The main things troubling U.S. investors are a likely decline in earnings this reporting period and the fear over the “fiscal cliff.” Of course election uncertainty adds to that unease.

If Romney/Ryan wins, I think you will see something done about the fiscal cliff. That would be welcome news to investors overall, as would a Republican victory. I expect President Obama to do much better in tomorrow’s debate and there is one more. The presidency is really up for grabs.

Stock have been trending down the last month but reached a support level Friday and have bounced up today, partly due to the economic news. Markets around the world are up on the day.

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