2nd quarter GDP figures were released this morning and indicated the U.S. economy grew at 2.4% in the quarter. This came in line with expectations, which were downwardly revised over the last month as newer economic data has been released. This indicates a trend downward in the rate of growth for the economy, which will be a worrying sign to economists.

Stock index futures have reacted negatively to the news as Dow Futures are down over 90 points as I write this.

I wrote in another blog today about the worthlessness of economists. Wall Street firms and the government rely too heavily on these folks, who can no more forecast the economy six months down the road than a weather man can forecast the weather two weeks away. Check out this blog at I'm Just Wrong.

Scott Cole
www.kungfutrader.com