I listened all morning to Fed Chairman Bernanke addressing the Congress. Bernanke appeared a bit ill at ease as the Congressmen fired questions at him. At times I felt sorry for Bernanke. In many cases, he didn't answer the questions in a way that pleased his questioners. Often, the questions were more complaints than questions.
Through the whole questioning period, I kept watching the action of the Dow. I wanted to see, as did the market, whether there was any hint of a coming QE3. There was no hint emerging from Bernanke -- it was clear that Bernanke wanted to avoid the subject of QE3. It's really almost pitiful. The market is like a doper, waiting for another fix.
All of which somehow had me thinking of the primary trend of the market and the economy -- and the meaning of both. The primary trend is perhaps the single most difficult concept to ... Log in or subscribe to continue reading.
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