By Jeff Pritchard, ALTAVEST Worldwide Trading, Inc. www.altavest.com
**7:07 AM PST** Although GDP came in below expectations other reports have the market heading higher after the open. The Chicago PMI report showed serious growth for the month of July. Analysts were expecting the reported number to be 56.0 and it came in at 62.3. The Consumer Sentiment report for July also came in better than expectations ten minutes after the Chicago PMI number was revealed.
**6:01 AM PST** Economic growth in the second quarter grew at a slower pace than the first quarter of this year. Market consensus was looking for an increase by at least 2.5 percent but the number was reported slightly under at 2.4 percent. September S&P futures are down 1 percent before the open.
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