Editor's Note: Dave Fry is founder and publisher of ETF Digest, Dave's Daily blog and the best-selling book author of "Create Your Own ETF Hedge Fund, A DIY Strategy for Private Wealth Management," published by Wiley Finance in 2008. Fry has devoted over 35 years to the business of trading and portfolio management. Check back each morning for the latest installment of Dave's Daily to get a unique ETF market overview.
DAVE'S DAILY MARKET COMMENT
December 7, 2009
BEN ORDERS, "AS YOU WERE"
The Fed Chairman likes things as they were previously and certainly was not too fond of bond prices falling and the dollar rising. So, he basically restates everything he'd been stating for many months which investors interpreted to mean interest rate increases later than sooner. Should Bernanke be reappointed? Some think not and as readers know I appreciate the logic and wisdom often found at
where he votes
and explains why.
Today investors had a case of "the Mondays" and not that comfortable with conditions or perhaps not even at their desks as volume was ultra-light. Breadth was flat.
Bernanke was doing his bit today which was a replay of previous policy comments. However, NY Fed President Bill Dudley is out tonight jawboning that "bubbles must be identified and contained". He must be in a Turkish bath somewhere--someone defog his glasses quick!
There isn't much data out tomorrow and we won't see much until Thursday's Jobless Claims and Treasury Budget while Friday Retail Sales, Consumer Sentiment and Business Inventories loom. Oh, and expect more jawboning from on high.
Today was the anniversary of Pearl Harbor. As someone who lived in Hawaii for 35 years until recently the day is more profound. When our son was taking his driver's license classes about 8 years ago, I'd walk up to the National Cemetery of the Pacific in Punchbowl Crater every day for the few weeks the course lasted. After the 30 minute hike up, I'd wander that beautiful and peaceful place with its many monuments and historical markers. It's a very special place.
Let's see what happens and you can follow our pithy comments on
Disclaimer: Among other issues the ETF Digest maintains positions in: VTI, XLB, XLY, XLI, IYR, DVY, GLD, DBC, EFA and ILF.
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