I would not expect investors and traders to make any big bets ahead of the number tomorrow. It clues us in on growth in the economy but also inflation.
Investors have their rally caps on for year end, and we're doing it with speculation. With a good inflation report and strong growth, it seems to be the perfect elixir for Wall Street.
Investors are taking stock of earnings and questioning whether they should be as optimistic as they are.
The housing news was the big setback today. While we suspect that housing is likely to slow and thereby take the primary catalyst away from consumer spending, the number came in worse than expected and forced investors to face reality much sooner.
The confidence report really personifies what's going on in consumers' minds right now. Investors are looking at Katrina and Rita as a one-two punch for the economy.