Happy Friday and GDP

• Posted by UpsideTrader
• on July 31st, 2009

The Nikkei soared to new 2009 highs overnight even though their jobless rate soared to a six year high. GDP is due out at 8:30 and the report is expected to show the economy contracted by 1.2% in the second quarter, compared with a 5.5% slide in the first quarter.

The dollar is soft ahead of the report and we wait for the next move for the market. It gave back gains yesterday near the end, but the bears are still in hiding and every pullback seems to be a buying opportunity, not a change in trend.

The market is getting close to a substantial move, and the GDP report may tell us the direction. Be cautious here and stay nimble. Have a great day and enjoy your weekend.

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