GDP came in at 3.8% against an estimate of 5.5% and a whisper number that was as high as 7% and futures have gone from down to about flat on the report. Bernie Marcus opined on CNBC this morning that the “stimulus plan” is now only devoting 5-10% to infrastructure, the original allocation was supposed to be much higher, as was the plan for massive job creation. It looks like President Pelosi, ummm …Obama has started more of a payback plan than anything that involves stimulus. The insanity continues on both Wall Street and K Street. Stay tuned as this promises to be fun.
Oil is up a buck and a half and gold continues to the $900 level. A break above $92 on GLD would be bullish. Good luck today.