Third quarter GDP data was reported today which was up 2.07% up 0.58% from the BEA’s previous estimate but still down from the second quarter. The best analysis, from our view, is from Consumer Metrics Institute. I encourage you to read it if only studying the conclusions.

Consumer Confidence fell a sharply to only 90.4 vs 99.6 expected from prior 99.6. Richmond Fed Mfg Index fell for the third straight month to -3 vs 1 expected & prior -1; and State Street Investor Confidence also fell to 106.8 vs prior 114.0. Case-Shiller HPI rose a seasonally adjusted 0.6% from 0.3% but headline report fell to 0.2% vs 0.3%—take your choice.

Markets moved down sharply early in the session given a Russia/Turkey incident, but then the “bad news bulls’ bots” hit the buy button to close major indexes slight higher. (Must. Close. Green.)

Given what happened as Turkey shot down a Russian jet combined with Saudi Arabia comments about stabilizing oil prices allowed crude oil the opportunity to rise sharply to 2.30%.

Market sectors moving higher included: Energy (XLE), Retail (XRT), Small Caps (IWM), Homebuilders (ITB), Materials (XLB), Emerging Markets (EEM), South Korea (EWY), India (EPI), Canada (EWC), Australia (EWA), Brazil (EWZ), Crude Oil (USO), Gold (GLD), Gold Stocks (GDX) and so forth.

Market sectors moving lower included: REITs (IYR), Financials (XLF), Russia (RSX), Natural Gas (UNG) and not much else.

The top ETF daily market movers by percentage change in volume whether rising or falling is available daily.

Volume was still on the light side and breadth per the WSJ was positive.

The top ETF daily market movers by percentage change in volume whether rising or falling is available daily.

This may be the last post this week as like you, we have family obligations. That said there’s plenty of unknown geopolitical events to upset investors.

Wednesday also features more economic data to chew on including Durable Goods Orders; Jobless Claims; Consumer Sentiment; Personal Income & Spending’ New Home Sales’ FHFA House Price Index and Petroleum Inventories.