SP-500 (Weekly) Mid Day Update

Bear Hat

• SP-500 Following Small Bear Fork To the T
• 960 Target Still In Play
• Huge Housing Miss Played Out As Expected
• Close Above 1080 Would Give The Bulls Hope
• It Will Come Down To GDP On Friday And Initial Clams On Thursday

Update On Consumer & GDP

Consumer Getting Weaker

*Chart is from Dshort.com, data is from Consumer Metrics 

• GDP Will Likely Disappoint Like Housing Did Today
• With Housing And The Consumer Continuing To Drop, GDP Will Not Be Far Behind 
• Friday Will Be A Big Day For Bulls Or Bears

GLD (Weekly) Small Bear In a Big Bull

Small Bear Pushing Around The Big Bull?

• GLD Needs To Break 121.50 For The Bull Fork To Stay In Control
• Break Below 118.90 Would Be Bearish
• Have To See How It Plays Out Over The Next Week