The revision to 2Q GDP came in higher than expected this morning.
Even more importantly, stocks did not fall out of bed overnight, so that gave the Streeters an opportunity to 'walk the dog' back up to less threatening levels after the decline on Monday got out of hand, compliments of the HFT algos.
Both of the futures I follow, the SP 500 and the NDX, have achieved a fifty percent retracement of the big decline. I have marked it on the charts.
Lets see if the dog walkers can keep the pooches in line for the close into the weekend tomorrow.
I know at least two aficionados of this pooch parade, Jan and Stan, who would like to see stocks recover in time for their big rate soiree in September. Cannot have a paper with the dog messing the rugs.
They might well put down some heavy paper, and then go for it. They may not get a better chance this year.
Have a pleasant evening.
