Business As Usual

Good morning. Futures are relatively unchanged as the combination of mixed performance in overseas markets and lots of economic data have traders positioned neutrally.

This morning Q3 GDP revised was 2.8% which was in-line with the consensus. Advanced number was 3.5%. Also, Q3 corporate profits were 14.5% versus 5.6% in Q2. Weekly retail sales showed some improvement and, of course, the market remains tied to the U.S. dollar.

In other news, Beijing warns banks to comply with capital rules, IMF director says that about half of bank losses from the global financial crisis have yet to be revealed, state tax revenue is still falling, 23% of all U.S. homeowners with mortgages now owe more to the bank than their house is worth, declines in credit card charge-offs are expected to reverse, Fed is in talks with big banks on TARP repayment plans, corporate bond sales surged to a record annual high, earnings from Hewlett-Packard and early holiday spending suggests strong season for TVs & videogames.

Read more of my premarket report.