Jackson Hole symposium is losing some luster

It appears as though the heavily anticipated Jackson Hole symposium is losing some luster as key figures from the European Central Bank have decided not to attend and more economic data lends support to the notion that QE3 will remain in the Fed’s back pocket on Friday. ECB President Mario Draghi has pulled out of attendance due to the fact that he is scheduled to release details of a bond buying program, aimed at helping struggling peripheral economies in the euro region, in about a week’s time. Earlier this morning, a revised estimate of U.S. second-quarter GDP growth showed the economy grew by 1.7% as opposed to the 1.5% previously reported. While that doesn’t necessarily rule out that QE3 could happen, it doesn’t exactly give Chairman Bernanke more reason to push the stimulus button when he speaks on Friday. The precious metals complex remains relatively unchanged from yesterdays close. However, thin trading conditions amid anticipation of Friday’s events could potential cause wide trading ranges as investors position themselves heading into the end of the week. Pending home sales data and the Beige Book are on tap for today. Have a great day!