by MN Gordon,Economic Prism
The stock market’s on a six week win streak. What’s more, from June 4 through last Friday the DOW’s up 9.7-percent. Can you believe it?
We thought the stock market would meltdown this summer like Charlie Sheen following a weekend bender. Instead it has melted up like a Great Plains heat wave. Home Depot, PepsiCo, Chevron, 3M Co, Google, plus 42 other S&P 500 stocks have recently
hit 52-week highs.
If this keeps up just about anything could happen. In fact, the S&P 500’s a horse’s hair away from taking out its April high of 1,419.04, and reaching a new four-year high. The way things are going, before long, the S&P 500 will take out its October 2007 all-time high of 1,565.
Ryan Detrick at Schaeffer’s Investment Research thinks stocks will continue to (Read More....)
Get Ready for a Massive Stock Market Selloff , by MN Gordon, Economic Prism
On Tuesday, Federal Reserve Chairman Ben Bernanke’s made his semiannual monetary policy testimony before the Senate Banking Committee. Washington and Wall Street wanted QE3. Bernanke demurred.
Following the testimony, Senator Chuck Schumer told Federal Reserve Chairman Ben Bernanke to “get to work.” Schumer, like most Senators, is under the illusion that Bernanke can actually do something to improve the economy. Those days are gone.
“The question in my mind is, is he [Bernanke] not stepping up with another program in any quick fashion because they’re [The Fed] starting to wonder if it’s going to have any impact? Alternatively, are they not stepping up because when they look at the data they think, ‘It’s not that bad,’?” (Read More....)