Friday is going to be Huge

Here are this weeks dreadful economic headlines that are warning of a double dip recession:

JULY EXISTING HOMES SALES PLUNGE 27.2%

JULY DURABLE GOODS ORDERS COME IN WAY BELOW EXPECTATIONS

NEW HOME SALES PLUNGE 12.4%

So to say that tomorrow is going to be a huge day is an understatement. At 8:30 AM we get the first revision to Q2 GDP, with the consensus at 1.4% down from the original 2.4%. Then at 10:00 AM we get Fed Chairman Ben Bernanke's big speech at Jackson hole, in which he must communicate to the world at large that the Fed's monetary policy is currently contributing to the economic expansion, and we just need to be patient.