The following written 15 minutes before the close: either I am becoming dopey or this market is becoming ever more puzzling. After yesterday’s impressive rise, there was no follow-up today – bad – with the Dow down 38 at the close. The Transports closed higher – good. GLD closed up a bit. But the gold mines and CEF closed down a bit – puzzling.
On Tuesday, Janet Yellen delivered her first annual Humphrey-Hawkins testimony. She said little that I could hang on to, except that the Fed will keep its low-interest policy unchanged. Janet Yellen will follow Bernanke’s path, but she’s very careful, and will await developments before taking any action at the Fed’s March meeting. Janet Yellen received a cordial reception from her questioners yesterday. Whether she will continue tapering, as per Bernanke, remains to be seen. I continue to believe that we are in a sloppy economy, and therefore ... Log in or subscribe to continue reading.
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