BERNANKE’S GIFT TO THE STREET
Wednesday investors were greeted by poor New Home Sales data and understandably reacted badly to it. But that was just a warm-up act for Bernanke’s testimony which assured bulls interest rates would remain lower for an indeterminate period. (How about until hell freezes over or the Fed runs out of ink and paper?!)
The odd thing is gold fell with this easy money testimony while the dollar did little. Crude oil rose sharply despite a greater than expected rise in supplies.