What Bernanke reported yesterday was nothing of real interest. Essentially he said that if business conditions improve to the Fed's satisfaction, the Fed may taper. BUT if conditions don't meet the Fed's expectations, the Fed will simply continue on its accommodative course. So basically, Bernanke said it's all up to the economy. In the Russell view the Fed will continue to accommodate.
The June figures are in. Bonds and anything with fixed interest did poorly. The money went out of bonds and into stocks, hoping that a rising US stock market would make up for large losses in fixed-income securities.
Good news, at last. The chart below has gone positive. The latest count shows that 62.29% of the issues on the NYSE issues are trading above their 50-day moving averages. As I said, this is bullish. Hold on to your DIAs.
I listened carefully to yesterday's Bernanke speech. He seemed ill at ease and ... Log in or subscribe to continue reading.
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