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Two Ways: Bernanke Gives An Encore


Strengthen your portfolio in good times and bad.

Bernanke on the Hill Part Deux

It's day 2 of Ben Bernanke's testimony in front of the Financial Services committee. Yesterday the Fed Chairman presented his case for growth and said without the aggressive policy actions taken by the Fed, the world's financial system would have collapsed. According to The Wall Street Journal, a J.P. Morgan economist called it "one of the most pointed defenses of the Fed's actions so far" as lawmakers currently decide whether to rein in on the powers of the central bank.

For more on this, see Professor Kevin Depew's The Fed Has a Corpse in a Car, Minus a Head, in the Garage.

From the Bull Pen: If there was any lesson in 2008, it's that "tail events" can and do occur. Nonetheless, consider the gold ETF (GLD) in this environment. One can buy this short-term pullback. A sell stop can be set below $89.

From the Bear Cave: There's increased talk of the Fed's monetization of treasuries. But until that happens, there isn't much of an edge in trading the Ultrashort 20+ Treasury ETF (TBT). Instead, bears can look to the dollar bearish fund (UDN). A sell stop can be set below $26.50.

Quick Check Around the World

Asian trading closed with the Hang Seng -1.30%, India -1.46%, Shanghai 2.60%, Nikkei 0.74%, and Taiwan 0.46%.

Glancing towards Europe, we see the FTSE -0.13%, CAC -0.74%, DAX -0.28%

As of 8:05 AM EST, S&P Futures are trading -6.500 to 947.00 and Nasdaq futures are +0.750 to 1554.75.

A Look at Commodities

Over in commodities, crude oil is trading +0.42 to 64.40 while gold is -0.600 at 948.20 this morning. Silver is -0.590 to 13.55 and copper -1.05 to 245.30.

The dollar index is -0.0450 to 79.0050.

On the Radar


10:30 Crude Inventories

Click here for the full trading radar.

Good luck today!

Join Hoofy & Boo as they interview Fed Chairman Ben Bernanke:
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Position in GDX

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