The big news in the market today is that gold is starting to fall as investors anticipate an increase in rates due to a faster than expected economic recovery (All 15MM+ unemployed people just groaned a sigh of relief, because sighing is still free, I think).  So the dollar is up on this new sentiment while Money McBags’ “dollar” is up on this new sentiment.  The point is, nothing is certain and the market could still swing either way so any new data point will continue to cause overreaction in both directions, like the parents of a 16 year old boy who just found out their son had a threesome with two chicks.

In other news, the credit card sector got a tepid upgrade because now that people aren’t paying their mortgages, they have a greater ability to pay down their monthly debts (wink, wink).  Also, a Money McBags favorite, ROY, is being purchased by a competitor for a 50% premium as the market understands that ROY is getting into the precious metals royalty business and thus their multiple of NAV was way too low, like Jessica Simpson’s IQ or Abe Vigoda’s balls.

Bernanke is set to speak at 12:45 to the Economic Club of Washington, and with any luck he’ll tell that great joke of his about the rabbi, the priest, and the horse who walk in to a bar (I don’t want to ruin the punchline, but let’s just say the horse wasn’t circumcised).  Anyway, the market awaits Bernanke’s words of wisdom like giddy gentile kids on Christmas morning or like Roman Polanski on conjugal visit day.  So be ready for this afternoon when the day traders guess wrong before guessing right.

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