Tue 11/22/11 4:31 PM – Markets Down a Little Today

The US stock indexes could not quite get back to breakeven and spent a second day down a little, 0.4%. Europe was also down. The revised GDP estimate for 3Q 2011 came in at 2.0%, lower than the 2.5% original forecast and lower than expectations. The Fed minutes from the last meeting were released early and were kind of gloomy, which one would expect. Gold was up today and bonds were down.

Wednesday and Friday are traditionally up days in Thanksgiving week but not always. Volume will be understandably very light and that can exaggerate moves up or down. Monday and Tuesday next week we will get preliminary indications of how Black Friday and Cyber Monday went. Retail sales should be OK since consumers have reversed some of their savings bent this year and gone back to drawing down savings for purchases. Once you back out inflation though, the numbers will be likely lower than last year. Aside from the Apple store which is absolutely jammed during the holidays I don’t think much is hot this year.

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