Panic From Wall Street Bulls After 1Q GDP Data

Worse than expected GDP has sent Wall Street into a frenzy.   The street was expecting a consensus drop of 4.6% in GDP where in actuality the U.S. economy basically hit a wall, losing 6.1% of the country’s overall productions, we’re talking about missing the Street expections  by 33%.  Leading up to the GDP data, the dow futures was trading nearly up 100 points, and with the lousy results futures now stands at about +5, basically even heading into the open.

So RainMaker, wtf does this all mean to my portfolio today?  Hedge your long positions!  Expect the S&P to open about flat from yesterday’s closings but to deteriorate throughout the day.  I see the affects of this data to linger through out the week and we maybe be pushing S&P index back to its crucial support line of 800 by next week.  Your best bet is to pick up some FAZ and short gold today at the open.

Also keep in mind, the FOMC meeting will conclude today.  Big Ben may be up to his usual shenanigans today, do not underestimate his affects on the intraday market today.  I will be loading up on shorts prior to the announcement.