Prior income figure came in at 0.4%, now estimate is calling for a gloomy 0.5% swing down to minus (0.1%). Personal spending prior figure was 0.6%, and now estimates are for 0.3%, so down 50% month to month. These figures to us seem too pessimistic, although we do not recommend placing large bets/trades going into any Friday, ever. Seasoned traders usually raise cash into weekends, so even good news Fridays have what's called a lag effect.
At 9:55ET the Revised Michigan Consumer Sentiment is slated for release: http://www.briefing.com/Investor/Public/Calendars/EconomicReleases/mich.htm
Although we do not believe this will have a meaningful change on market direction, it probably will work to exacerbate the trend. After correctly predicting today's rally (see below) we predict a sell-off ahead of the weekend.
[In relation to Thursday's release of Gross Domestic Product we stated: "Prior reading was a scary minus (6.2%), consensus now is for minus (6.6%). IF that consensus is beat, so (6.5%) or less, then the market will rally. IF that (6.6%) is hit on the head or above (6.7%), the market will be in trouble. POTC believes the number will post bullish and long portfolios will be rewarded today." The posted number was (6.2%)]
There are no meaningful earnings before or after market this Friday.