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October 24, 2005
Bond market is unhappy with Bernanke, Mon., Oct 24, 2005, 12:31 PM
There was an immediate reaction to news that the President will announce the appointment of Ben Bernanke as Chairman of the Fed. The bond market sold off. The USD went south. Gold perked up.
As to the equity market move today, that is all about the Bulls in trouble and trying to get a rally started here. They have a lot of friends who run banks and hedge funds who are in dire straits. They desperately need a bump, and are playing the Bernanke rumor/news for all its worth.
After the emotions settle down, the equity market will continue south, I believe.
Posted by Posted by Bill Cara on October 24, 2005 12:28:19 PM | Category: Cara Today in the Market
Good analysis and I agree with your take. It's too time consuming to play the trading game unless it is your job function. The investing game on the other hand is pointless if one rumor or spin gives a bump and the next a ding down. But I'm glad you didn't chime in and tell everybody to get back on the housing market now that greenspan leaves. I have a feeling Cramer will tell everybody to back the truck up on the housing plays tonight with a softer fed play. Or would the segment just be "Greenspan Exit Plays"
D
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October 24, 2005 2:38 PM [link]