Courtesy of John Nyaradi
Stock markets continued their rally today in the face of bad news and on the hope that Dr. Bernanke and the Federal Reserve will refill their easy money punchbowl in September.
The bear market rally continued (barely) today as markets recovered from a early losses and survived a weak close to end green.
On the economic news front, consumer confidence did a swan dive to 44.5 which is the lowest level in two years and among the top ten monthly declines over the last twenty years.
The minutes from the recent Federal Reserve Open Market Committee meeting revealed a divided Fed with mostly new ideas and so the “hope rally” could find itself running out of steam in the very near future.
Stock Market Update
DJIA: (DIA) +21; +0.2%
NASDAQ(QQQ) +14; +0.6%
S&P 500 (SPY) +2.8; +0.2%
Russell 2000; +3.4; +0.47%
Tomorrow brings the beginning of the meaty weekly reports with August ADP Employment, August Chicago PMI, and July Factory Orders
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