Wednesday, August 24, 2011

Higher We Go, the More Chance for a Friday Disappointment

With 1 session to go before the Miracle at Jackson Hole 2.0, the market has climbed to the top of its range. We're some 55 S&P points over the low yesterday, and there now carries more risk of downside if The Bernank does not do what Wall Street demands of him.  With 1175ish cleared, I'd be looking for a move to the 20 day moving average for tomorrow if all of Pavlov dogs who buy anytime Bernanke offers gifts arrive with bells on.  If nothing else the moral hazard created by Bernanke targeting stock indexes is beyond belief.

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