The markets and exchange traded funds (ETFs) have been operating much like they have all week, in the early hours at least, wavering between positive and negative territory.  Revised first quarter GDP numbers were issued on Friday, and the latest figures show that our economy declined by 5.7%, reports Jeannine Aversa for the Associated Press. On the positive side, many analysts believe that activity is no longer shrinking nearly that much.

The last GDP report showed a 6.1% shrinkage; the first reading was 5.5%. The second quarter reports are expected by most economists to show some easing of the decline.

Consumer sentiment has reached levels not seen in eight months, a report today showed. In November, the report hit a 28-year low, but the 68.7 reading was higher than the 68.0 economists had expected, Reuters reports.

• Consumer Discretionary Select Sector SPDR (XLY): up 6% year-to-date

The deadline for a restructuring of General Motors (GM) is nigh, and shares have fallen below $1 for the first time since 1933. An Obama administration official says that GM could be under bankruptcy protection for 60 to 90 days. If GM does file for Chapter 11, it would leave existing shareholders virtually wiped out, says Reuters.

Oil is continuing its upward mobility, today reaching six-month highs that some fear could tamp down the “green shoots,” Aaron Task for the Tech Ticker reports. Prices are now around $66 a barrel. If this continues, many wonder if it’s going to send consumer confidence right back where it was late last year. But on the positive side, Obama has been working to get new fuel economy mandates instead of waiting until oil tops $100 a barrel again.

• United States 12 Month Oil (USL): up 15.6% year-to-date

Tags: Automobiles, Commodity ETFs, Energy, Obama, Oil, Retail, Sector ETFs, USL, XLY