The Bureau of Economic Analysis released the 3rd revision to GDP growth estimates today and while not completely surprising, there was a significant drop in Growth from the 2nd estimate of 2.0% to 1.8%. Personal consumption was revised down to 1.7% from 2.3% which is very important considering the heavy reliance of US economy on consumer consumption. This also puts the spotlight on the 4th quarter holiday season as personal consumption is all important. Preliminary estimates have seen holiday season sales to be relatively light compared to expectations after the Black Friday period.
Regardless, the stock market is up, with the technology and financial sector leading. Citigroup for example is up over 6% as of noon. I'll attribute this rise to just the general oversold nature from the beginning of the week. The question remains where the top becomes. I'll anticipate there's still a bit of momentum left in the market though caution should be advised in the next week or two.
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