Sector Detector: Bernanke’s Words Can’t Override His Actions
It comes as no surprise that stocks are struggling to break through technical barriers at Dow 13,000, Nasdaq 3,000, and S&P 500 1370. I continue to believe that it will require greater market breadth and trading volume to achieve a major breakout. Even though Fed Chairman Bernanke on Wednesday threw a wet blanket on the bullish flame by playing down economic recovery while giving no hints about further quantitative easing in his semiannual testimony to Congress, the market still wouldn’t sell off much. Apparently, his cautious words can’t override his stimulative actions. [More...]
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