The Market On Friday

  Good morning and welcome to the weekend. At 7 a.m. E.T. Friday it is 38 degrees with some sunshine and some clouds. I hope you got a chance to see last night's Pink Moon. “This name came from the herb moss pink, or wild ground phlox, which is one of the earliest widespread flowers of the spring..." I was up around 3 a.m. and looked out onto the backyard to see everything brightly lit by a huge full moon. It was downright sunny out except it wasn't, it was moon-y. The moon was powerful mojo last night, one wonders if it had an effect on the collective global psyche.

  At 7:05 a.m. E.T. futures are moderately down and the price of oil per barrel is down. The market is poised to open lower except...

  At 8:30 a.m. E.T. the first estimate of the USA's first quarter GDP is released. Talk about a big deal, holy crapola. It is suggested that there will be an improvement over the previous quarter's almost zilch figure of 0.4% growth. Regardless, a strong number will literally send the world's economic hope into squeals of joy while a bad number will send everything back to the drawing board and one might assume but not necessarily predict that the market will respond in kind. Long story short, the market's opening number will depend on the GDP number. Expect to hear the number talked about all day long with the beyond strong possibility that it also becomes a political medicine ball. Enough said.

CNN: Stocks: Caution ahead of GDP release

...the Bureau of Economic Analysis' first estimate of first-quarter GDP due for release at 8:30 a.m. ET.