Market Commentary for August 29
Posted on Wednesday, August 29th, 2007 | In Current Market News“Federal Reserve Chairman Ben Bernanke reiterated that the Federal Reserve is closely monitoring markets and is ready to act if necessary.”
MarketWatch
Bernanke also suggests that some “creative thinking” be applied to allow subprime borrowers a chance to refinance. This reads to me like a bailout proposal.
These statements ignite a rally.
Is there really much to say about these last two days? You can’t make this stuff up!
I’ll just post this chart along with volume data.
We experience another 90/10 day, this time on the upside whereas yesterday the opposite.
On light volume the market continues to don its “casino look”.
Bernanke speaks on Friday and investors should wait for the bearish/bullish results, if any, before jumping in one way or another. But he definitely tipped-off bulls that the Bernanke Put is in play. Should the Fed not cut interest rates there will be hell to pay.
And, let’s not forget some obligatory portfolio window dressing is again at work.
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 About David Fry (http://etfdigest.com)
Dave Fry has devoted over 35 years to the business of trading and portfolio management. His registration as an arbitrator with both the National Association of Securities Dealers (NASD) and the National Futures Association (NFA) attests to his extensive experience and spotless compliance record. Dave founded the ETF Digest in 2001 and was among the very first to see the need for a publication that provided individual investors with information and advice on ETF investing. Dave is a frequent commentator on ETFs and other issues important to individual investors, and his perspectives are featured in financial news sources such as the Wall Street Journal, MarketWatch, Investor’s Business Daily, Smart Money, Dow Jones Newswire, National Business Review, MSN Money, Yahoo! Finance, Bankrate.com, Emerging Markets Monitor, IndexUniverse.com, and ETF Investor. |
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