News This Morning

SPY showed initial strength but dropped when GDP Numbers came in lower than expected this morning. Existing home sales will be reported at 10:00am EST and could put some downward pressure on the market if they come in lower than the expected 6.25 million. There are many people who expect a lower number than this in lieu of artificially induced sales resulting from stimulus programs in September and October. I think if the numbers come in lower than 6.1 million (which was the existing home sales in October), we could get some selling pressure in the markets.