This morning, the S&P 500 Index e-mini futures (ES-U3) are trading higher by 15.50 points to 1664.00 per contract. The large surge in the stock futures comes as Federal Reserve Chairman Ben Bernanke vowed to keep his money printing policies firmly intact. Currently, the central bank has the fed funds rate (overnight lending rate to the large banks) at zero to quarter percent. They are also buying $85 billion dollars a month worth of mortgage backed securities and U.S. Treasuries. After the last FOMC meeting on June 19th Chairman Bernanke stated that the central bank could begin tapering QE-3 as soon as September and cut the entire program by mid-2014. Obviously, this latest statement is a 180 degree turn from his June comments. We can only wonder what is spooking him that he made this major about face in his remarks.
Global stock indexes are all trading higher on the news. Gold and gold mining stocks have also rallied higher. The gold mining sector has been highly shorted so this important industry group could see a potential short squeeze. Traders should watch for early strength in the leading gold equities such as Newmont Mining Corp (NEM), Goldcorp Inc. (USA) (GG), and Royal Gold, Inc USA) (RGLD). Traders that want to track the entire gold mining sector can follow the Market Vectors Gold Miners ETF (GDX).
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Bernanke Flip Flops More Than Kerry In 2004
Published 07/11/2013, 05:34 AM
Updated 07/09/2023, 06:31 AM
Bernanke Flip Flops More Than Kerry In 2004
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