This morning the Q3 GDP was revised lower to 2.8% (from 3.5%) and personal consumption was also revised lower to 2.9% (from 3.2%).
The mortgage industry is still falling apart from within. Consider this news out of Freddie Mac (FRE) this morning:
Freddie Mac Reports Oct monthly metrics; Single Family delinquency rate 3.54% v 3.33% m/m
Until there is a significant improvement in delinquencies this data still suggests much steeper losses lay ahead of us in the financial sector.
S&P Case Shiller Price Index came in ‘not so hot':
SEPT S&P/CASESHILLER-20 Y/Y: -9.36% V -9.10%E; HOME PRICE INDEX: 146.5 V 146.9E
It had been showing the slightest sign of stabilization in recent reports, now it is headed back down again.
During the overnight hours we got confirmation of the channel on the S&P E-mini's with the /ES trading down to 1098, right at the channel support line.
Watch this channel carefully, a move below the channel is the dynamic change needed to set this market into a new downward path. The range of the channel is 1100 on the bottom and 1120 on the high side.
S&P Futures
