Today was a standoff, with the Dow a bit higher and the Transports (which I think are leading the market) down a 18 points. The stock market appears to be searching valiantly for a trend. Meanwhile gold has been bullishly holding above 1300, and for the first time in months, holding above its 200-day moving average. Stay with hand-help gold and CEF and exercise patience.
Thank god I’m not Janet Yellen. Is it possible that she doesn't know that the US economy is in recession? And if she does know, what will she do about it?
Question: Can she possibly continue, a la Bernanke, to taper? This has to be one of the strangest predicaments that the Fed has ever dealt with. The happiest man in DC is probably Ben Bernanke. He's off to his home in Dillon, South Carolina. So don't stop him. He's not ready to answer any questions.
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