GDP news...

I don't think theres anything unexpected or new here. Housing construction fell 17%, taking 1.12% off GDP. Inflation took off maybe 3.4% (although that's not reported here).

Forex news. My new strategy of playing the dollar according to the Moore Inflation Predictor (see Inflationdata.com) is working better. I didn't take any profits on the first position, but I did change it before taking any losses. Today I picked up 67 bips on the Pound.

Maybe the low GDP numbers caught some people off guard after all. I guess it's time to say what I see coming up (possibly). I see at least two more quarters of bad housing data. I also see worse numbers for next quarter's GDP, because inflation will come back. However, the continued high trade deficit and high consumer confidence tell me that the consumer has shrugged off the housing collapse.

However, I hope that things look worse next quarter because that will create a great buying opportunity. In the meantime, keep riding the market up.