Tell me when to worry and when not to worry please

NEW YORK, July 28 (Xinhua) -- The dollar rebounded against most major currencies on Tuesday as U.S. consumer confidence fell in July.

The Conference Board's consumer confidence index fell for the second consecutive month by 2.7 points to 46.6 in July. The July level was 8.2 points down from the recent peak in May, and worse than expected.

The sub-indexes measuring consumer's confidence in the present economic situation and the expectations both dropped. Buying intentions continued to slide downwards, analysts said.

U.S. consumer confidence has improved since January, but the index is still on very low level relative historic averages. Analysts expected that a weak labor market with high unemployment rate will continue restraining the recovery of consumer spending.

U.S. single-family home prices in the largest 20 metropolitan areas rose by 0.5 percent in May from April, according to Standard & Poor's/Case Shiller home price indexes released on Tuesday.

It was the first monthly increase in nearly three years, suggesting home prices may be stabilizing. But the report failed to lift market sentiment which was hurt by the consumer confidence index.

The euro bought 1.4177 dollars in late New York trading compared with 1.4243 dollars it bought late Monday. The pound fell to 1.6439 dollars from 1.6498 dollars.

The dollar rose to 1.0823 Canadian dollars from 1.0804 Canadian dollars, and rose to 1.0746 Swiss francs from 1.0698 Swiss francs. It fell to 94.48 Japanese yen from 95.24

A lot of people take profit very quickly telling others that there is a commodity and stock market bubble, weak consumer confidence index means they will not be spending and etc. Worry = fear not equal to collapse. But high consumer confidence index = greed = hubris = collapse.

If you look at this chart you know what I mean. Consumer confidence index hit 150 before dot.com bust. The housing bubble already busted in 2006 but it remains very elevated of over 100 for a while. Elevated level that will make me nervous and not at the lowest point.

To have 11 days market winning stretch is something unusually, 8 - 9 days are normal and follow by 2 - 3 days down. So, am I getting worried? Not yet.