Friday, July 29, 2011

Econodata July 29

We do not even need to wait for Chicago PMI @ 9:45. Preliminary GDP stole the day. What an UGLY report. I am stunned by Q1 revisions! Many cheerleaders will try to put a lipstick on this pig, and will say "this is rear view mirror", but I doubt anyone listens to them today. This said, we have a Jackson Hole, WY meeting of masterminds coming up. This was the venue Mr. Bernanke used last year to prop up the risk-on trade, when he unveiled QE2. Do we get a repeat??

I will update after 9:45 am Chicago PMI.

Chicago PMI out - weaker than expected.

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