BERNAKE REAPPOINTED
Well at least we got that out of the way. Whether you like Mr B or not at least the uncertainty is now out of the way and markets can go focus on everything else. The news turned futures around which were softer overnight and have now turned higher. This comes after yesterday's late day reversal in the dow which brought us back to the flat line. 9500 is one of those places where the market needs to work through as it is back to last September's high.
MLPS are doing one of their usual stair step corrections in here and we have to get to see whether the 250 level is the wall or not. MLPs seem to be resting in here letting other stocks take the lead. When your up nearly 40% on the year vs everything else its no surprise.
I've been gassing away so much about nat gas lately that i will not go into it again. There will probably be another tropical storm or two on the map in the next few days although the lead system north of Puerto Rico is likely to head up off the east coast. Click on the pic away from the circled areas and you will see a disturbance moving off the African coast which looks impressive but thats over a week or more away.
Back to mlps we dont have much happening this morning on the corporate news front and no upgrades or downgrades are being show so far. Stock futures are up over 6 points on the S&P. Crude is a little higher right now. We'll see what happens after we move away from the Bernake news and whether the markets will sell on this news or not. Right now it looks like a nice first half hour anyway.
joseph cioffi's Source Page - Associated Content
1 comment:
No one made any comments about the Bernanke re-appointment, so let me throw out a thought or 2, and some questions. It is always interesting when a president of one party nominates someone from the other party to an important position, and democrat presidents seems to frequently nominate republicans for Sec of Defense and Chair of the Fed (I assume that Bernanke is a republican, but am not positive.). Are they admitting that the expertise or credibility for these positions is not available within their party; that's how I read it? Or, are they simply trying to reach across the aisle and be a little bi-partisan; I doubt that? Or, are they thinking things may go wrong and want a fig leaf to hide behind when they try to share blame; maybe? Any thoughts?
Thanks,
JCarroll
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