It’s rarely useful to analyze preliminary GDP numbers. Everything that’s reported is backward-looking and should already be more or less known due to prior monthly economic data releases. Besides there must always be substantial doubts regarding the usefulness of these numbers due to the fact that they are subject to very large revisions.However let us make an exception to this usual state of affairs since these are extraordinary times.ANALYSIS OF THE BEA’S ADVANCED ESTIMATE OF GDP1. Real GDP growth contracted by -1.0% versus consensus expectations of -1.5%. This is a nice beat but still within the margin of error.2. …

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July is now officially over and it was quite a month. The S&P 500 started the month lower but reversed on July13th staging a 3-week 120 point rally and setting a new high for the year at 996. The rally was based on better-than-expected earnings reports (which we know weren’t great) and Goldman Sachs (GS). The firm made many bullish calls during the month  the most famous being that the S&P would go to 1060 by year-end. As we turn the calendar to August a historically sleepy month what will happen next? Today on the Buzz and Banter Professor …

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