"Katy, Bar The Door!" Alice In Wonderland: US Economy Likely Shrank 1Q15 But Fundamentals Strong -- Reuters -- May 28, 2015

Friday morning, we can look forward to: the second estimate of Q1 GDP will be released at 8:30 ET (Briefing.com consensus -0.7%) while Chicago PMI for May (consensus 53.0) and the final reading of the Michigan Sentiment Index for May (consensus 89.0) will be reported at 9:45 ET and 10:00 ET, respectively.

Okay, is that a minus 0.7%? Have to check. Meanwhile, back in April, the revised estimate was a paltry 0.2%.

Back in December, consensus was that 1Q15 US GDP would be 2.9%. This was gradually revised down to 1-1.25%.

Wall Street is forecasting a big downward revision to -0.9% from 0.2%.   

I suppose if the revised GDP comes in 0.00% or anything above 0.00%, the market will surge. Otherwise, flat to huge sell-off. If there is no huge sell-off with a negative GDP reading, it means that the "movers and shakers" already anticipated the negative reading and that accounts for the down days we've had this month. 

Whatever.  

The third (and last) estimate is released June 24 for those looking that far ahead.  

From almost 3% back in December's estimate to a minus 0.7% now. Pretty fascinating.  

[Update, 2: 14 a.m. May 29, 2015: I just love the spin. 1Q15 GDP is likely to be revised downward. By a lot. And now only down, but into negative territory. And Reuters' assessment: fundamentals strong. This is so bizarre, I had to take a screenshot: I can't make this stuff up:

Reuters = President Obama's speech writer.

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Tea Leaves Couldn't Be Any Clearer: Obama Is Suffering From Iraq Fatigue

Iraq is on its own. We've done all we can. 

My hunch is he has the same thoughts about Israel.