(as of 7:00 AM PST)
Stocks are bouncing around flat-line in quiet pre-holiday trading. Economic data was less than inspiring with a small reduction in 3rd quarter GDP. The 2% number was a slight reduction, but not market moving. Existing home sales were down a significant amount, over 10% from a prior reading. The fall is due in part to very tight inventory and new closing regulations have also been noted as a reason for the negative surprise. The dollar is down against most currencies while international markets were mixed across the board. Oil is still near historic lows as traders see little respite from a glut of supply, while precious metals are giving back some of yesterday's gain. Stocks are trying to sustain yesterday's small rally, but negative sentiment seems to be the order of the day in what looks like an underwhelming day of trading.
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