THIS IS A RUSH TRANSCRIPT.  THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED. DAVID HAFFENREFFER, CNN ANCHOR: Time once again to check in with our featured guest this morning, Donald Selkin from Joseph Gunnar. What might we expect as far as trading is concerned on this final trading day of the week given the sharp declines that we saw yesterday?</s>DONALD SELKIN, CHIEF INVESTMENT STRATEGIST, JOSEPH GUNNAR: Well, I think nothing is going to happen until 10:00 when those three reports that you mentioned come out, the factory orders, University of Michigan and the third one, which --...</s>HAFFENREFFER: The factory orders.</s>SELKIN: ... the factory orders, University of Michigan and...</s>HAFFENREFFER: Chicago Purchasing.</s>SELKIN: ... Chicago Purchasing Managers. The market obviously would like to see a little better numbers than expected. Now that, of course, is questionable.</s>HAFFENREFFER: But it is a Friday before a long weekend, which is often not such a great inspiration for people to be purchasing stocks.</s>SELKIN: Absolutely. Historically, the day before Labor Day used to be a good day to buy stocks. Last year, if you recall, the market did very, very well and then went into a decline for the rest of the year. This year, Fridays have been poor performers, except for last Friday. I would say that if those numbers come in a little better than expected or no worse than expected perhaps we could get a little relief rally, a little short covering meaning people who sold the market earlier might take profits or bargain hunters might come in. But I -- it's hard to see a real big move to the upside given all of the technical damage that's been done earlier this week.</s>HAFFENREFFER: All right. TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
Markets Waiting on Economic Numbers This Morning