Q1 advance GDP expected up 1.0% annualized.

The market is hyper-involved with economic data today and this GDP data is no exception. The market has been hung up on the 'weak/weather Q1' story for two months and it culminates with this report.

In addition, everyone is on edge with the Fed due later.

Two things to remember:

  1. This is old news. Q1 is over. We know it was weak, whether it's 0.5% or 1.5% doesn't make that much of a difference.
  2. Advance GDP is notoriously inaccurate. It will be revised significantly.

In any case, expect a big move today on the headlines because everyone is watching this report. That said, I think there will come a time to fade it. As always, the timing/levels are key.