Friends
Wow, the bulls seem pretty confident that Dr. Bernanke is not going to rain on their parade tomorrow. Stocks climbed all day as the bears just seemed to disappear. Today marks the sixth day in a row of more than a 100 point move in the Dow. Once again, traders seemed to be set up for a Fed disappointment (and that may still happen) as the week began, but offers seemed to have just vanished and buyers have been bidding up the price of shares for two days now. So much for taking a cautious stance into the Fed announcement and Dr. Bernanke’s presser.
By the close, the Dow Jones Industrial Average was up 138 points to finish the day at 15,318. The S&P 500 was up 12 points to close at 1651. Gold was down $15 to trade at $1367 per ounce, while oil was up $.68 to trade at $98.45per barrel WTI.
Having seen an impressive two day move despite the uncertainty of what language the Fed meeting might produce, it will be very interesting to see if the bulls can follow through and take out the previous highs in the averages. That would really catch the bears flat footed and perhaps produce an interesting melt up. On the other hand, should Dr. Bernanke hint at a sooner than later tapering plan, the bulls might be caught with their pants down. Let the fun begin. We’ll let you know how tomorrow plays out.
Have a nice evening everyone.
