Courtesy of John Nyaradi
Why is This Man Smiling?
Jackson Hole is now one trading away and markets smiled today in a late session rally as Dr. Bernanke and the Cavalry start making their way towards the Tetons.
July Durable Goods were a pleasant surprise today, +4.0 vs -1.3 previously and beating expectations.
Gold dropped -4.3% as margin requirements were raised.
Steve Jobs quit Apple after hours and the company dropped a quick -6% which could carry over into tomorrow’s open.
Tomorrow comes the weekly employment reports which will be carefully watched and we move one day closer to Jackson Hole and Friday’s GDP revision.
Stock Market Review:
Dow Jones Industrials (DIA): +144; +1.3%
NASDAQ (QQQ) +22; +0.9%
S&P 500 (SPY): +15; +1.3%
Russell 2000: +9; +1.4%
Markets clearly expect Dr. Bernanke to throw a life vest on Friday.
Any disappointment will likely lead to a dismal close to a volatile week.
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