Until the Bernanke Showdown

Today:

Oil was up

Gold was up

Dollar was down

Dow was down 130+

Options expire on Friday, so keep an eye on oil possibly going up.

This is a good video on oil supply/demand.




Today we touched then bounced off of 12000 on the Dow. This was a test of the 3 month lows. There were people on CNBC speaking about 10500 on the Dow. That was the first time I heard anyone talk about any marker under 11000 on the Dow.


Thursday and Friday brings us some fundamentals from the

reports concerning the Unemployment Claims and Philadelphia Fed Manufacturing Index.

http://www.bloomberg.com/markets/ecalendar/index.html


I think we could see 10750 in the coming months. We might bounce up to 12100 or 12300 on the way down, on news of a "write up" instead of a write down or some other unexpected good news in the financials or the equivalent.

IPI is still working but may pull back in the next day or two. This could create a buying opportunity for IPI.

Bernanke talks on the 24th. It looks as if there is no way of an interest rate hike.
Watch the GLD ETF if/when Bernanke does not raise the Fed Funds Rate.

Good Fortune from Trade-Equity.com!!!