Macro data due for today is out.
4th Quarter GDP came in under expectations with a reading of 2.8%.
The biggest contribution to GDP was an increase in inventories of 1.94% followed by an increase in personal consumption of 1.45%.
Government stimulus is slowly being reduced. During the fourth quarter, government spending contracted by -0.93%. Component chart by www.zerohedge.com
Given the improvement of economic indicators during the 4th quarter and the constant positive surprises, I was expecting a number over 3% and thus I was dissapointed with 2.8% growth.
We also got the revised University of Michigan Consumer Confidence number.
It was revised higher to 75 from 74. If you look at the chart, you will observe a classic triple bottom pattern and support/resistance movement in this economic series.
Best regards,Victor Riesco