According to the financial journalists there are two pieces of data coming out today that will influence the market's direction.
At 8:30 a.m. the revised third quarter GDP numbers come out. Its pretty simple, if they are better than expected the market could soar, if they are worse it will tank, and all points in between.
So at this moment, its all a crap shoot.
Personally I was somewhat surprised to see the DOW gain over 100 points yesterday given the bad news over the weekend on unemployment and scads of housing mortgages that are underwater including thousands of multifamily rental units in large cities.
Now there's a sentence that is way too long.
CNN: Flat open seen for stocks
...investors braced for a barrage of economic reports.Reuters: Futures flat ahead of data, after HP results
...data on third-quarter GDP and consumer confidence...
"The data is going to be the market driver today, and after the rally we had yesterday, investors are waiting to see what the data comes in at before they jump in one way or the other..."
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