Auto Sales Post October Gains (F, GM, SPY, XLY)

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U.S. auto sales post strong gains in October

Both foreign and domestic auto manufacturers reported strong sales gains for October in the important Consumer Discretionary Sector (AMEX:XLY)

Strong results were posted by S&P 500 (AMEX:SPY) component Ford (NYSE:F) with sales up 6%, Chrysler rising +27%, and General Motors (NYSE:GM) gaining a 2% improvement.  Double digit results were reported by Mercedes, Volkswagen and KIA.

Forward looking estimates point towards continued improvement in the sector.

Bottom line: The American consumer, (AMEX:XLY) all important contributor to 70% of GDP, continues to show remarkable resilience in the face of high unemployment and scary headlines.

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