The latest revision for third quarter GDP paints a picture of an economy moving at a pedestrian pace. Though not threatening recession,  it is not the stuff that makes one feel excited about the near future.

I suspect it’s enough for the Fed to follow through with hints of an interest rate hike, which at this point is an unwritten promise.

There simply is no way the Fed cannot hike rates even in the face of daily terror incidents and miscues associated with fighting terrorists.

Even though corporations suffered losses in the third quarter they must step up to the plate with the kind of investments that make a difference and can spark the economy.   This is even more pressing considering today's report on consumer confidence from the Conference Board.   Confidence readings aren’t always accurate harbingers of the actual actions of consumers but overall trends are important.

We can see that while the reading was lower, it was the consumer that kept GDP afloat last quarter. We can also see from the reading on savings that anxiety is growing.   This money could  pour into the economy or stay under pillows.  With gasoline expected to slip under $2.00 for a gallon of regular, we might finally see cash creep into parts of the economy.

There is also the wildcard of job accessibility (as opposed to openings) and wages.

Ironically, retail stocks are doing pretty well today despite many earnings misses.

• DLTR missed but has turned higher
• TIF missed but has turned higher
• SIG missed but losses are pared

I get where we feel one way from years of lackluster recovery and current geopolitical issues but the market is sending an intriguing message that things could get a lot better.

Overall, the market remains in an odd state of limbo barely unchanged for the year although most stocks have actually been nicked- up pretty good.   More recently the market has exhibited resolve.  For many it is confusing timing but it is not unique or unusual.   Still, stocks seek a catalyst.  In the meantime, oil is getting a geopolitical bounce.  In the past, such “premiums” were worth as much as $25.00 a barrel.   Now, it’s a couple of dollars.

WTI