What To Watch Week of 8-30-2010

• Consumer Confidence Aug 31 at 10:00am
• Briefing Forecast 49.5
• Market Expects 50.0
• ISM Index Sep 1st at 10:00am
• Briefing Forecast 53.0
• Market Expects 52.9
• Looking For A Miss Here and a Number Closer to 51
• Unemployment Rate Sep 3 at 8:30
• Briefing Forecast 9.6
• Market Expects 9.6
• Looking For A Miss Here
• Watch For 9.7 or Higher, Unless more people leave the work force

Take Away From Q2 GDP

• GDP Is A Backward Indicator
• GDP Was Revised Down -0.8 To 1.6
• Was Better Then 1.4 Being Forecast
• Keep In Mind In Q2 Housing Was Still Doing Well, Not The Case In Q3
• Consumer Was Weak But Now Is Very Weak
• Q2 Had The Peak of Stimulus From The Government  (See Chart Below)
• Q3 Will Be Under 1 Percent Growth Could Be Under .5
• Clearly GDP Is Going The Wrong Way For A Recovery

*Chart From Businessinsider.com

Q3 GDP Not Looking Good

*Chart From Consumer Metrics