Gold 1340 still R , DUST decent bounce today
Today's U.S. reports revealed a big upside Q2 GDP growth surprise at 1.7% that solidified the market's September Fed taper assumptions, as did a 200k July ADP pop that signaled upside risk for Friday's jobs report. Yet, the upside Q2 GDP growth surprise followed downward revisions over the past four quarters that largely offset the surprise, as did recognition that Q2 overshoots were in government spending and inventories, though analysts now have a welcome upward tilt to GDP growth into mid-year. Analysts saw a surprisingly small July Chicago ISM bounce to 52.3 with weakness in the production and inventory components that also trimmed the good news in the day's rpeorts. Finally, analysts saw a firm 0.5% Q2 ECI that left a fourth consecutive 1.9% quarterly y/y gain. :theflyonthewall.com
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