Last week's employment report has dominated the business, financial, and political news over the weekend. With no action expected from Congress, attention will focus on the Fed. Since Chairman Bernanke will testify before the Congressional Joint Economic Committee on Thursday, we will soon have an update on Fed thinking.
Mark Thoma raises the policy question and provides helpful context.
In the not so distant past arguing that precious metals prices were setup to fall generally elicited a response which was not real pleasant. In fact, during gold’s infamous bull market rally on several occasions I called for pullbacks which regardless of the accuracy of my call generated hate mail that seemingly never ended......
The Federal Reserve, Gold, the S&P 500, & the Retail Mindset
The recent rally has been breathtaking, however the majority of investors have missed out on a large portion of these gains as significant levels of cash have been either moved to bond funds or taken out of equity markets consistently during this rally. Let’s face it, financial markets around the world are not what they once were.
Bernanke to aid recovery with gradual boost in dosage
The markets surged today as Ben Bernanke testified on Capitol Hill. The reason for the monster surge in the markets was due to his preliminary comments on the possibility of QE3. As of today, QE3 is definitely a possibility. The Dollar tanked and the markets jumped higher. The SPDR S&P 500 ETF (NYSE:SPY) is trading at $133.20, +1.80 (+1.37%).
EUR/USD drops to the 1.4210 low, due to the U.S dollar bullish run and the on-going Greece debt saga. Intraday bias remains on the downside, as long as the 1.4495 minor resistance line is not broken. On the downside, if the 1.4072 low is broken it will continue the bearish sentiment and target the 1.3968 major support line.