As the equity markets have been consolidating since April 21st, today may be the potential for the next leg up in the market. This may have happened earlier in the week, but the Swine Flu scare caused many financial and commodity markets to fall. However, the flu scare is the one component that could come back to haunt us if the situation gets worse.
Today the Q1 2009 GDP will be released at 8:30 am and the Fed will conclude their meeting at 2:15 pm today. The market is expecting the GDP to be -4.7% as more consumers were shopping than many had initially anticipated.
Stay tuned folks as the news is released.