Before GDP- Big Day in Store?

Good morning, I wanted to get a quick post done this morning before the data. GDP for the 2nd Quarter will be released in 20 minutes and the FED will be later this afternoon. In my opinion the GDP will be the main driver of the markets. Currently the US Dollar is sitting just below 8150, these levels have not been seen since November of last year. Can it break through these levels or will it reverse?

The Dow is right on top of a daily trend line in what appears to be a topping out process. I do say that tongue and cheek!

Gold is sitting right at $1300. I am looking for a break of 1280 or 1330 to get a sense of its next larger move.

Oil has not performed the way I thought it would to start the week, if you believe what you read, it seems that the world is awash with supplies. We will get the weekly DOE inventory report later this morning, the market is expecting another draw down of 4.4 million barrels. If GDP does not meet the 2.9% that is expected, OIL may indeed have a hard time holding onto the $100 mark.

I will come back later this morning with a look at how these same markets look, should be a different story! Be careful out there and don't try guessing what the data will look like!