Stocks really moved around the range yesterday, starting with a nice surge at the open, only to fall into the support area quickly. By the end of the day, despite the averages all being in the red, the internals were rather mixed. Household Products and Semis took the most heat, stemming from earnings reports that had less than inspirational forward-looking comments. Otherwise, the action was pretty much the same as what we’ve seen in recent days. There is no real leadership, either up or down. Groups are moving on the coattails of a stock or two within the group. Breadth was pretty flat and volume was still relatively light, although an uptick from the recent pace. Today is the day where we have an opportunity to see some follow-through. Expectations are low. The recent economic data have supported a downgrade in GDP estimates for the 2^nd quarter. What was 3.0% is now 2.5%, and even that number is probably high. Pay attention to Personal Consumption, as many bearish analysts purport that the consumer is “dead”. A gain of 2.4% is anticipated. The Employment Costs Index should reflect the lack of new hires and increased productivity. A gain of 0.5% is anticipated. We’ll also get a final on the U. of Mich. sentiment, expected to be tweaked to 67.0 from 66.5. Both the Chicago PMI and the Milwaukee NAPM are July reports on Manufacturing. The ISM is out Monday, but investors are likely worried about any number that might show contraction versus just “slower growth”.