…even though Mr. Bubble did not announce anything today. He is printing still. He is at 0% rates still…and of course, much more to come.
JACKSON HOLE, Wyo. (AP) – Chairman Ben Bernanke made clear Friday that the Federal Reserve will do more to boost the economy because of high U.S. unemployment and an economic recovery that remains “far from satisfactory.”
He also argued that the Fed’s moves so far to keep interest rates at record lows and encourage borrowing and spending have helped bolster the economy.
Bernanke stopped short of committing the Fed to any specific move, such as another round of bond purchases to lower long-term rates. But in a speech at an annual Fed conference in Jackson Hole, Wyo., Bernanke said that even with rates at super-lows, the Fed can do more.
I will be waiting for the fed at 10 am and will see what the idiot says and if the market reacts. i would love if the market just ignores him. Crappy day but no biggie for leaders. But market seems to be turning to the defensive side here so we are on watch.
NEW YORK (AP) — Facebook co-founder Dustin Moskovitz is shedding another 450,000 company shares for a take of about $8.7 million.
Moskovitz has been selling 150,000 shares a day and disclosing the sales every three days. Including the most recent sale, he still holds more than 130 million shares.
The latest filing, made late Wednesday, covered sales from Monday to Wednesday. He sold shares at prices ranging from $19 to $19.49.
Stop telling us we do not understand. We have calculators. We see the numbers. We have good memories of how a ton of the stimulus was to build roads and infrastructure…but all we keep hearing now is we have to raise taxes for roads and infrastructure. You can talk blue in the face but there is a bottom line. The stimulus was loaned money…loaned by the taxpayer…and the taxpayer has to pay back that loan. Go think! We read about how many of your bundlers….how many of your cronies that received grants just because they started and got involved with faux green energy companies. I can go on…but it is worthless…because you just want to double and triple down. Read this:
TAMPA, Fla. (CBS Tampa/AP) — President Barack Obama says his re-election might help end the political stalemate in Washington, much like “popping a blister.”
In an interview with Time magazine, Obama says he expects Republicans in Congress to work more cooperatively in a second term, since his re-election would no longer be a factor.
“My expectation is that there will be some popping of the blister after this election, because it will have been such a stark choice,” Obama said.
The president says he also wants to do a better job of explaining to the public how his policies will help the economy grow. Obama claims he didn’t do a good enough job selling Americans on the stimulus plan and the auto company bailout because he was so focused on acting to fix the economy.
…but this one chart of past election years is nothing but uncanny up to now.
Good trade on the open in gold and silver so far…but it really doesn’t matter because tomorrow’s news will dictate policy.
But I need to tell you that if there wasn’t a chance for more QE by Bernanke tomorrow and if we were not waiting on this guy, I would be telling you these things:
Many areas of the market continue to roll over…namely all the commodity areas. The worst of is the steel,coal,metals/mining and the like. On top of that, oil stocks are now rolling over. Due to the fact that these areas were a big part of the recent move up, this bears attention. Also, Mr Market seems like this may not just be a pullback from highs. I was actually seeing a cup and handle on the weekly charts for the markets…and frankly, that pattern is still there….but the market will need mentioned areas to turn around.
I also wanted to mention that as of this second, I consider the action of 8/21 a failed breakout in the financials as they broke above resistance and immediately tucked their tail in. A few are now looking suspect. As far as leading stocks, the good news is that they are just sitting today while the market comes in.
One name recently put on service that is not thrilling is REGN…which had a clean breakout. It is not moving higher…but as long as it holds $140, we will stay with. Use a break of $140 as a stop. Also…TFM reversed hard yesterday on earnings and is following through to the downside. This stock is not on service but WFM is…somewhat of a cousin stock…so we must watch WFM carefully. So far, it is fine.
All in all, I am thinking more defensively moving into September notwithstanding Bernanke tomorrow.