Title: Market Analysis with Jim Lowell

" Sales of new homes fell unexpected. Police in September and that report surprised Wall Street stocks are down the Dow Jones Industrial Average closed at more than 9762. Losing a 119 points. Over 1%. The Nasdaq Composite finished -- more than 2059. Dropping 56 point more than two and a half percent. Yes and 500 ends at more than 1042 that's down 21 points almost 2%. Regionally the Bloomberg's New England index slipped more than eight and a quarter points and the New England tech stock index was down more than two and a half. Our market."

" Tonight Jim -- is chief investment strategist at adviser investments and editor of fidelity investor dot com no mixed martial arts here. No it sure felt like your ultimate fighting -- it did and this growing sense that the market has just gotten ahead of where the reality a lot of allows it to be."

" That's right today the market was really troubled by economic data not earnings data and the heat for this market. Rebound really is the economic rebound it's been underlined released the belief that it's possible. So tomorrow's GDP report really becomes absolutely critical for this market if the GDP numbers comes in. Tomorrow. Later than expected showing slower growth. Or even anemic growth of this could be a market rally in some considerable trouble."

" Let's do a little defining your GDP gross domestic product the output of goods and services for the third quarter. The hope here is for 3% but the numbers. I've been seeing today in the forecast two point seven."

" Goldman Sachs led to hourly revise its 3% expectation of two point 7% that's certainly had something to do with today's market selloff. We also saw a disappointing new home sales number really surprised the market. Despite the fact that the government's an incentive for new homebuyers first time homebuyers really did drive some activity in early September. Together with the new home sales disappointment and mortgage applications sliding further into the red. This could be housing market that's heading for a stall. That two translates into an economy that could be heading for a near term fall."

" Does this new home sales number give incentives to congress to extend that tax credit which expires."

" It does and I think even as we headed to RC's tonight it looks as if the that we will see an extension maybe even a broadening out of that incentive to include. Homebuyers that have been in their homes for five years or less. And so I think that the government clearly understands that it's stimulus activity. It's really what's maintained any sort of has seen activity. Without that stimulus the housing market really does have a law and this is an economy and a political. Situations that we can't afford that kind of that kind of --"

" Little blip on the radar screen I noticed that Norway yes Norway's Central Bank. Upped its prime interest at a private district of one of its key interest rates short term rate."

" Norway struggling mightily against still an outgoing tide in terms of their economic activity. They may be. In in really the cross hairs in terms of just sort of an internal implosion. I don't read much into the way in Norway behaves relative to how our economy the global economy is going to may have. But I do definitely think that it's worth noting that rising rates have an immediate sort of negative impact. On things like Consumer Spending and mortgage lending so. Are fed is certainly. Not. Beam between a rock and a hard place."

" All right tomorrow -- Q3 GDP and the jobless claims we'll see you -- thank you Jim thanks. Market analysis tonight Jim -- from adviser investments and fidelity investor."