The news is not wanting today, but despite various news events that typically would move the markets (like PPI inflation and retail data), the news that everyone will be watching today will be the testimony of Fed Chairman Ben Bernanke before Congress this morning. Congress will be looking for blood today, so I expect firey tempers and blood pressures to boil over today. It is almost guaranteed to move the markets.
Keep in mind, also, that the last time Chairman Bernanke testified, Congress create the impression that they were a bunch of ignorant buffoons. They really came across as fools! It will be interesting to see if Congress reinforces their poor image, as they did last time, or if they have wised up at all since the last Humphrey Hawkins dog and pony show. After the last time, it was no surprise to me that Congress' approval ratings have dropped to an all-time low of single digits. Congress, wake up!
I'm glad I'm not Mr. Bernanke. He will frankly have my sympathy today. Just about anything he says today has the potential to move the financial markets by triple digits on the Dow. His comments can even affect the price of commodities, if it impacts the Dollar significantly. Confidence in the banking system will be center stage as he seeks to reassure the financial markets and to stop the loss of blood. Don't miss today's show!
Keep in mind, also, that the last time Chairman Bernanke testified, Congress create the impression that they were a bunch of ignorant buffoons. They really came across as fools! It will be interesting to see if Congress reinforces their poor image, as they did last time, or if they have wised up at all since the last Humphrey Hawkins dog and pony show. After the last time, it was no surprise to me that Congress' approval ratings have dropped to an all-time low of single digits. Congress, wake up!
I'm glad I'm not Mr. Bernanke. He will frankly have my sympathy today. Just about anything he says today has the potential to move the financial markets by triple digits on the Dow. His comments can even affect the price of commodities, if it impacts the Dollar significantly. Confidence in the banking system will be center stage as he seeks to reassure the financial markets and to stop the loss of blood. Don't miss today's show!
