Bernanke

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NASDAQ Closes off its Highs as Volume Slides, but Above Average

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The market ended off the highs of the session, but with volume coming in lower we avoid a day of stalling. Russell 2000 small cap index raced higher tying the NASDAQ composite for the top index of the day. Interestingly, enough both indexes have yet to have the golden cross yet continue to lead the entire market higher. Bernanke’s testimony on the hill helped spark some buying, but as the testimony wore on sellers began to take over. We continue to play in overbought conditions, but this rally is healthy and remains that way. Tomorrow’s job report will certainly set off fireworks.

 
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1

Week in FX Jan 29-Feb 3

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CHF continues to rise despite the EUR’s resilience. The SNB’s pledge to hold the CHF 1.20 cap will soon be tested. Since its inception last September it has worked, however, in the past few weeks’ market sentiment has changed dramatically. China considering greater involvement in EFSF and ESM program has done little to support currency so far.

 
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4

Despite “Signs of Improvement” Bernanke Holds Near-Zero Rate Pledge

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Speaking before the House Budget Committee in Washington today, Federal Reserve Chairman Ben Bernanke said that the U.S. economy appeared to be gaining in strength.

“Fortunately, over the past few months, indicators of spending, production, and job-market activity have shown some signs of improvement,” Bernanke testified. “The outlook remains uncertain, however, and close monitoring of economic developments will remain necessary.”

 
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4

Nothing Much from the Fed Other than a Few Words Changed

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Carry on...

Most importantly a few hawks exit stage right in 2012, and more Yellen and Bernanke types will enter.  Also with the 'inflation is easing' commentary they take care of any issues with those who claim there should be a break from even easier money due to potential inflation pressures.

 
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5

Initial Jobless Claims Fall, US Dollar Gains

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Focus on other data, and risk aversion, in the FX market

Initial jobless claims fell last week, but the news isn't spurring risk appetite. Instead, forex traders are focusing on other news right now.

 
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4

Euro Pulls Back in Forex Trading

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Uncertainty sends euro down on risk aversion

There is just enough uncertainty in the FX market to send the euro lower today in forex trading against the US dollar. The 17-nation currency is heading lower as concerns about Greek debt remain, and as forex traders consider the United States.

 
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4

AAPL Blows Away Earnings in After-Hour Session

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Another great day for the stock market as again buyers step up and support the market. The market did get help from the Richmond Federal Reserve Manufacturing index as it came in better than expected. However, the market turned its attention to AAPL’s quarterly earnings report. Volume came in lower perhaps due to the Federal Reserve meeting concluding on Wednesday, but it’s anyone’s guess. More importantly, it was AAPL’s blow out quarter taking center stage. This uptrend will continue tomorrow and for the moment it continues to be strong.

 
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6

The Fed’s Men Behind the Curtain

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The debate about the Fed is under way, and thank goodness. But as with many policy debates, there really shouldn’t be a debate at all. That’s because, if you think about it, the idea of central banking makes no sense.

 
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4

The Transformation of Banking

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There is a scene in the Parable of the Talents in which the returned master berates the shabbiest of his three servants. Discovering that he had buried his seed capital in the ground, the master says: “You should have put my money on deposit with the bankers, so that when I returned I would have received it back with interest.” The servant is then thrown outside “into the darkness,” where he faces “weeping and gnashing of teeth.”

 
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2

USA Today: As Bernanke Punishes American Savers, the Search for Yield Overseas Shows Pitfalls

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This is an interesting piece by John Waggoner of USA Today, especially on a personal level, as I've been looking at a host of yield producing products to 'barbell' against an equity exposure.

 
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