Confidence Cometh Before a Fall

Consumer confidence reports were released today and were much higher than expected. This sent the market whirling as investors grew more certain of a rates increase at tomorrow's Fed meeting. A stronger-than-expected housing report added to the flurry of activity today. Speaking of activity, a wave of multi-million dollar deals is quickly making 2006 the Year of Mergers. Companies such as Johnson & Johnson, Pfizer, Phelps Dodge Corp, and Inco Ltd. will add to the 2006 acquisitions parade, growing stronger every hour. According to Thomson Financial, 2006 is on its way to a year-end tally of over $3.5 trillion! DJIA: -120.54 Nasdaq: -33.42 S&P 500: -11.36