The SPX 500 sits about 5 points lower (as of 9:00am) than yesterday’s close on the S&P 500 after the release of the lower than expected US GDP report (2.8% actual vs 3.0% estimates).
Greek PSI debates will get Draghi’d into the weekend as always. Anything related to Europe never seems to be resolved quickly. The Euro is hovering just above 1.31.
The beginning of the month usually plays out to be the high or low and set the trend. We will have to see if today’s sentiment will play into next week putting an end to the early 2012 rally. We don’t want to throw all our chips on one hand and call a top, wait for confirmation.
