Dress those windows?

There are five trading days left for the month of August. And what, boys and girls, have we learned about end of the month window dressing? It's bullish, or at least it is generally bullish. This month the question becomes- is everybody in at this point? There was hesitation yesterday.

I await the reaction to Obama's release of the new and improved deficit numbers today. It's a known issue, it should be built in to price at this point. But markets react to news. I think this market would like to correct a bit thus providing an opportunity to those who refused to chase price. As usual though, markets need a reason to move counter-trend. Maybe I'm the only one who thinks increasing the deficit by 2 trillion dollars is a bad thing. I could be wrong about that,, but I doubt it.

Monday's weakness set up possible trading ranges or topping patterns on many market groups, including chips, transportation and retailers, that did not break out last week.

On the calendar today, another setback for consumer confidence would increase attention on the jobs market and the outlook for consumer spending. Tomorrow's Durable Goods and New Home Sales are the biggies for the week.