We're Praying Too, Mr. Chairman

Sep. 16, 2013 1:06 PM ETGLD, IJH, IWD, IWN, IYR, OIL-OLD, QQQ, SLV, SPY, TLT
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Contributor Since 2010

Mark's commitment to objective, independent wealth management led him to establish Appleton Group Wealth Management LLC in April of 2002. With over 16 years of experience in the financial services industry, Mark serves as portfolio manager for our private client group, and co-manages all assets held by our investment management and advisory clients. His responsibilities include risk analysis, asset allocation, market research, and institutional client development. Mark also serves as both Principal and Chief Compliance Officer of Appleton Group Wealth Management LLC. Mark is also a DALBAR Certified Fiduciary Adviser under the 2006 Pension Protection Act. In 1996, Mark earned the Series 7, 63 and 65 designations. He is a 1992 graduate of Lawrence University with a Bachelor's degree in Music Theory/Composition and Music Education. He is a life-long Wisconsin resident.

It's as if Wall Street's collective prayers have been answered this morning: Larry Summers is out of the running to be the next Chairman of the Federal Reserve. As I believe strongly in the wisdom of crowds (and there is no better crowd than the market itself), the market's reaction across the board couldn't be better.

Large Cap Value is up (IWD), Large Cap Growth is up (QQQ), Large Cap Blend is up (SPY), Mid-Caps are up (IJH), Small Cap Growth and Value are up (IWN) IWO), Real Estate is up (IYR), and Bonds are up (TLT).

Practically every world market is up, including all of Asia, the Americas, and Europe.

But you can't really win them all, as commodities are mixed with gold (GLD) Oil (OIL) and Silver (SLV) all in the red. But overall, a great start to the day and to the week.

(click to launch Three Minute Trend TalkTM)

Now for an encore, let's see what the Fed itself has to say later this week. That's when the intense praying really will really start!

Disclosure: I am long IWD, SPY, QQQ, IWN, IWO, IJH, IYR, GLD, OIL, SLV. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.

Additional disclosure: I am a happy man today.

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