As the first full week of September begins, market participants are likely to continue to dismiss economic data showing that economic growth (as measured by real gross domestic product) returned in Q3 2009, and beyond persist. Due in part to the impact of the "cash for clunkers" program, the deluge of economic data due out this week in August and September is not likely to provide the market a clearer picture of the economy in Q4 and beyond. As such, we expect the economic data to largely be ignored by market particpants, who will likely be more focused on the beginning of Q3 earnings preannouncement season, a potential trade war with China, the ongoing policy wrangling in Washington, and the one year anniversary of the collapse of Lehman Brothers.

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