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Ronald Reagan played the "Gipper" in his 1940 film, "Knute Rockne: All American". By the time he was President of the United States he was equally as inspirational, empowering a consumer spending revolution.

Not all movies end well, and this week's consumer data doesn't change our view of the negative consumer spending "Trend" that is emerging. That said, we have to call the data like it is, and this week we saw upticks in two important readings:

1. The weekly ABC/Washington Post Consumer Confidence # came in at -41, higher than it's all time lows, and up from -43 last week

2. MBA Mortgage Applications accelerated +7% this past week. Again, that's certainly better than the toxic readings we've been getting.

KM