Watch for some market movement at 10am when consumer confidence data comes in. Retail is taking a hit this morning as Under Armour (UA) misses their earnings revenue. Under Armour has been viewed recently as a "retail darling" with many bullish reviews over the past year. Their missing on the earnings revenue bottom line has taken by surprise those who were thinking that they could do no wrong.
Futures are heading lower this morning on nervousness on the retail establishment and the wind being knocked out of some of the bulls who were thinking that the rate cut tomorrow is a sure thing. Some have been trading lately as a rate cut would be a sure thing and thus would "save the day". But the closer the day nears of the FOMC decision the bulls are getting a little squeamish.
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