More & More Investors Stay Low...

Trading volume in the NYSE made yet another new low today as more investors stay on the sidelines. Oil was up a little on supply concern but nothing that makes any significant change. On the bright side, consumer confidence number today took an unexpected jump upwards and new home sales are up over 2%, suggesting that consumers may be back in the market for some good deals. The US dollar also continued to strengthen. However, these news failed to generate any kind of excitement as it becomes clear that investors are worried about how this Thursday's GDP number may turn out. On the technical front, a small candle day like today following a significant down day is totally expected and does not suggest anything at all. The short term trend continues to be neutral.