28 May 2014

SP 500 and NDX Futures Daily Charts - Revision of First Quarter GDP Tomorrow Morning

Stocks held their ground today, as the big tickle will be the revision of the 1Q GDP numbers.

As you know when it first came out I suggested it was artificially high, and would be revised lower. I think we may see that tomorrow. Keep an eye on the deflator.

Even if it is negative, which is probably will ultimately be, it will be blamed on the weather, and the attention will be directed to 2Q GDP which is expected to be a high positive number. Or at least expected to be so by those who are touting stocks.

Have a pleasant evening.