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Santelli Exchange Extra: Where's the confidence?

A disappointing report from Wal-Mart sent the markets reeling Thursday morning. The retail giant met expectations but cautioned that the consumer is still having a tough time with the recovery.

It seems the American shopper is still nervous and still pinching pennies

Investors will be closely watching on Friday for the University of Michigan Sentiment Report, which will offer yet another temperature reading for the consumer.

Rick Santelli has a preview of the report—but if you're looking to see where stocks will be heading, you may not want to gamble on this one.