We should see Wall Street start off with a nice rally this morning, though I won't place a bet on where the day ends. Markets are terribly oversold and yesterday's action ended in a bullish reversal on high volume at support -- that's VERY bullish.And yet we seem to get more terrible news all the time ...BAD NEWS FOR THE CONSUMER ...

Auto sales plunge

June auto sales plunged, according to reports from the nation's major automakers, as Americans shunned pickups and SUVs in the face of record gas prices. General Motors reported that its U.S. sales fell 18% in June versus a year ago. Sales of GM's light trucks, which includes pickups, SUVs and so-called crossovers, tumbled 16%. GM's car sales dropped 21% in the month.

BAD NEWS ON INFLATION ...

Manufacturers struggle to overcome rising prices

NEW YORK - Each week, Ira Cooper opens

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Auto and Truck sales will be reported tomorrow at noon, I know what stocks I don't want to own: Ford (NYSE:F) and General Motors (NYSE:GM). Really, what's the point in owning these stocks? Okay, maybe holding out hope that Former Boeing executive Alan Mulally now CEO of Ford Motor Co. can turn things aroung, but how long will that take? Believe it or not GM still has an average target price of $20.45 and Fords comes in at $5.83. Analysts are looking for double-digit percentage declines from both manufacturers tomorrow with gas prices slamming sales of the big trucks and SUVs and lack of inventory keeping smaller car sales in ...

Most of these items can be filed under the heading of "things the market doesn't care about as it races upward, trusting everything will be fine in 6 months" :) Myself, I am fascinated with the dichotomy between the real economy and the stock market economy; I believe in the coming decade the divergence could grow even larger as more money is concentrated in the upper classes of society and less profits are due to the US as each year passes. But to see it so early, is interesting and I think has to do more with the printing fest at the Fed. We'll end this post with a bright spot... if you live in Forth Worth, TX Real economy issues that don't matter to Wall Streeters Credit Crunch Issue #1: GE to Stop Financing Boats, and Motor Homes (ironically 2 things I think are excellent shorts) I went ...