That is why, today; data stands as important determinants for the shape of the markets, investors will start pricing the next FOMC decision and will speculate based on it according to the data in hand, the data for today includes mainly growth data and housing, and minor inflation and jobs data.

The focus will be mainly directed to the final reading of the first quarter gross domestic product, the expectation to see a growth rate of 1% compared to 0.9% last month in the preliminary reading, and after 0.6% growth recorded in the 4th quarter 2007.

Growth data, and despite what some might think still the essence of the markets nowadays, some might say that the feds has turned into a hawkish stand in their monetary policy but the fact is that they didn't, and they actually can not, slowing growth is still a major concern and for the FOMC, especially with this rising inflation, if growth levels could not pick up again we will be facing the worst thing an economy can face...STAGFLATION...

Moving on to another important release today but this time from the housing sector, the one that started it all, and caused all the pain and agony to the overall economy not only in America but also on the global economy, today the existing home sales are on the wait with expectations that sales inclined from a record low by 1.2% to 4.95 million units, as prices started to be tempting for potential buyers who waited so long to buy at those levels.

The question remains for the housing market...did we reach the bottom yet??? Even if today's numbers came in a positive way, but that doesn't not mean that the housing market is at the bottom, and that's the scariest thing about, because what if a slight correction happened and then got back south again...only time can tell what is the new direction after the 2% rate...

Weekly jobless claims are due today as well in the week that proceeds the jobs report week, where it is expected to fall from 381K to 375, and the continuing claims to rise from 3060K to 3105K.

We have also the final reading for both personal consumption and core PCE for the first quarter, with no change from the preliminary at 1% and 2.1% respectively, and those are still very acceptable levels for inflation in light of all the food and energy crisis.

Today will be another hectic day dear reader, so you need to keep your eyes and ears open, for there is nothing guaranteed in markets, and reversal are always a possibility especially with such class A fundamentals in the markets.