THIS IS A RUSH TRANSCRIPT.  THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED. DAVID HAFFENREFFER, CNN ANCHOR: Well, on the economic front this morning, a closer look at the spending habits of Joe Consumer. Consumer spending accounts for two-thirds of economic growth, which is at its weakest level in eight years. At 8:30 Eastern time this morning, how Americans managed their paychecks in the month of July. Analysts expect personal income to rise by .3 percent, the same amount as in June, while personal spending slowed from last month's .4 percent increase. Also, how many new faces on the unemployment line this week? Weekly jobless claims are also out at 8:30, expected to rise by 394,000 from last week's level. Well, our featured guest this morning, Chris Wolfe, equity market strategist at J.P. Morgan Private Bank, good morning. Welcome back to the program.</s>CHRIS WOLFE, EQUITY MARKET STRATEGIST, J.P. MORGAN PRIVATE BANK: Thank you, David.</s>HAFFENREFFER: What's going to be on the minds of traders today?</s>WOLFE: I think in the very short term they're going to be worried about a sense of history. Remember we're going into a period in the first week of September that's coming up that includes the memory of last year which is the preannouncements by Dell, Intel, Lucent and others. The Sun news is very big. We think there's some conference calls coming up, mid-quarter updates, particularly out of the tech sector like Intel and others, that will be important things that people will be watching here for signs that things are bottoming. In fact, we don't think they are but I think the trader's minds here are going to be a little nervous.</s>HAFFENREFFER: OK, more with Chris coming up in just a short while. TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
Investors Are Watching for Signs of Market Bottom