Most Popular
1. Banking Crisis is Stocks Bull Market Buying Opportunity - Nadeem_Walayat
2.The Crypto Signal for the Precious Metals Market - P_Radomski_CFA
3. One Possible Outcome to a New World Order - Raymond_Matison
4.Nvidia Blow Off Top - Flying High like the Phoenix too Close to the Sun - Nadeem_Walayat
5. Apple AAPL Stock Trend and Earnings Analysis - Nadeem_Walayat
6.AI, Stocks, and Gold Stocks – Connected After All - P_Radomski_CFA
7.Stock Market CHEAT SHEET - - Nadeem_Walayat
8.US Debt Ceiling Crisis Smoke and Mirrors Circus - Nadeem_Walayat
9.Silver Price May Explode - Avi_Gilburt
10.More US Banks Could Collapse -- A Lot More- EWI
Last 7 days
Keep Calm and Carry on Buying Quantum AI Tech Stocks - 19th Feb 24
How to Profit from the Global Warming ClImate Change Mega Death Trend - Part1 - 17th Feb 24
Why Rising Shipping Costs Won't Cause Inflation - 17th Feb 24
Intensive 6 Week Stock Market Elliott Wave Training Course - 17th Feb 24
INFLATION and the Stock Market Trend - 17th Feb 24
GameStop (GME): 88% Shellacking Yet No Lesson Learned - 17th Feb 24
Nick Millican Explains Real Estate Investment in a Changing World - 17th Feb 24
US Stock Market Addicted to Deficit Spending - 7th Feb 24
Stocks Bull Market Commands It All For Now - 7th Feb 24
Financial Markets Narrative Nonsense - 7th Feb 24
Gold Price Long-Term Outlook Could Not Look Better - 7th Feb 24
Stock Market QE4EVER - 7th Feb 24
Learn How to Accumulate and Distribute (Trim) Stock Positions to Maximise Profits - Investing 101 - 5th Feb 24
US Exponential Budget Deficit - 5th Feb 24
Gold Tipping Points That Investors Shouldn’t Miss - 5th Feb 24
Banking Crisis Quietly Brewing - 5th Feb 24
Stock Market Major Market lows by Calendar Month - 4th Feb 24
Gold Price’s Rally is Normal, but Is It Really Bullish? - 4th Feb 24
More Problems in US Regional Banking System: Where There's Fire There's Smoke - 4th Feb 24
New Hints of US Election Year Market Interventions & Turmoil - 4th Feb 24
Watch Consumer Spending to Know When the Fed Will Cut Interest Rates - 4th Feb 24
STOCK MARKET DISCOUNTING EVENTS BIG PICTURE - 31st Jan 24
Blue Skies Ahead As Stock Market Is Expected To Continue Much Higher - 31st Jan 24
What the Stock Market "Fear Index" VIX May Be Signaling - 31st Jan 24
Stock Market Trend Forecast Review - 31st Jan 24

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Stock Market Mayhem....

Stock-Markets / Stock Markets 2012 Sep 01, 2012 - 03:42 AM GMT

By: Jack_Steiman

Stock-Markets

Following is a brief holiday report.

You have to love this market. It's like the weather in Maine. Blink your eyes and it changes. It really doesn't know what it wants to do. There's enough bad news around for everyone to keep the bears thinking it'll work out in their favor, but they don't have the biggest factor in their favor, which would be Mr. Bernanke. He is giving the market protection. Once again today, he basically said he'll do what it takes to keep the market afloat. That he's ready to implement whatever is needed to keep the economy moving along in a positive fashion.



Now, he didn't give QE3 today, but who needs to do anything when the fear of doing it is enough to keep the bears quiet. Listen. If you're a bear, you have to fear waking up one day to QE3 in effect, and thus, having a 300-400 point move up in the Dow. You'd be trapped and that's what I believe is holding the market up. It certainly isn't the global fundamentals. If that's all it was, we'd be in market free fall. It's all about Fed Bernanke.

We woke up today to a strong gap up, only to see it all go away with the markets turning south, once the Fed Bernanke was done with his speech. After a quick, sharp move lower, it eventually recovered, the bears seemingly using any weakness to bail out of some plays. It's understandable, if you fear the almighty Bernanke. I would surely be afraid to short here wondering what I may wake up to. So when the day was done, we had a decent day.

Now we turn our attention to Tuesday, which is when we come back from the holiday weekend and deal with the incredibly important ISM Manufacturing Report. It's never easy on the market, is it! For now, we're trading in between gaps at 3138 and 3183 on the Nasdaq. Whichever goes first will turn things more directional short-term, so watch for that. Nothing bearish right now, but nothing overly bullish either. Some exposure is fine.

Have a nice Labor Day Weekend!

Peace,

Jack

Jack Steiman is author of SwingTradeOnline.com ( www.swingtradeonline.com ). Former columnist for TheStreet.com, Jack is renowned for calling major shifts in the market, including the market bottom in mid-2002 and the market top in October 2007.

Sign up for a Free 15-Day Trial to SwingTradeOnline.com!

© 2012 SwingTradeOnline.com

Mr. Steiman's commentaries and index analysis represent his own opinions and should not be relied upon for purposes of effecting securities transactions or other investing strategies, nor should they be construed as an offer or solicitation of an offer to sell or buy any security. You should not interpret Mr. Steiman's opinions as constituting investment advice. Trades mentioned on the site are hypothetical, not actual, positions.


© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in