Regardless of what consumer-spending activities were on a non-granular basis, the fact is that when two volatile components are taken out, in fact spending was very robust.

West Texas Intermediate crude fell over 3.00% today while Brent North Sea cratered by almost 3.70%. Both drops in price are signs that oil is about to test its recent (August) lows, and that prices could perhaps go lower.

The sound-barrier piercing drop in crude prices in the last four sessions has finally gotten everyone’s attention on worries that U.S. government data will show a seventh weekly U.S. rise in reserve stocks.