This morning, the S&P 500 index e-mini futures (ES-M3) are trading higher by 4.00 points to $1669.50 per contract. The big event today is going to be the testimony from Ben Bernanke in front of the Joint Economic Committee of Congress. Almost every trader and investor will be listening closely for clues that Chairman Bernanke will start to pullback its current $85 billion a month QE-3 program. We shall see if he will also be questioned about the possibility of another stock bubble being formed. There has not been a 10.0 percent correction in the stock market in over a year. Often healthy markets will pullback and have natural corrections, that does not seem to occur anymore. Later this afternoon, the FOMC (Federal Open Market Committee) minutes will be released. Again, most investors will be looking for any clues to the end of the current QE-3 program.
Traders today should watch the utility stocks very closely. Interest rates could be affected from all of the central bank chatter today. Utility stocks are adversely affected by higher interest rates. On the flip side, utility stocks do very well in a low interest rate environment since they are highly levered. Some equities that traders may want to follow include the Utilities Select Sector SPDR (XLU), Southern Company (SO), Duke Energy Corporation (DUK), and American Electric Power Co Inc (AEP).
Below you may find the video.
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It Is All About Bernanke, Bernanke, And More Bernanke
Published 05/23/2013, 01:12 AM
Updated 07/09/2023, 06:31 AM
It Is All About Bernanke, Bernanke, And More Bernanke
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