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Waiting for Big Wednesday: Dave's Daily

NEW YORK ( ETF Digest) -- S&P Case-Shiller HPI was as expected which wasn't good and New Home Sales were worse (328K vs 353K previously) and Consumer Confidence fell (69.2 vs 69.5) slightly. All things considered nothing to even write about frankly.

Euro stocks were higher Tuesday because, well, they were. Perhaps there's some hope from some that Sarkozy will pull an alliance together with the right wing and win--just a thought.

Basically we're on Big Wednesday watch as Apple (AAPL) will report after the bell and the financial media will be all over the report. (Apple earns $12.60 vs $10.06 estimates and margins at 47% vs 42% estimates pushing stock back to near $600 in late trading) and the FOMC will make whatever announcement they can to breathe life into bulls. Taken together, a Big Wednesday is a given.

So, there really isn't much to comment about Tuesday's action since we're like those surfer dudes waiting for the waves to build and roll in.

What action took place in markets up to the close was geared around investors squaring up before Wednesday. The dollar (UUP) was flat, bonds (IEF) were weaker and most commodities (DBC, USO & GLD) were also flat overall.

Volume was anemic while breadth per the WSJ was positive.

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