Markets Float Ahead of Bernanke Speech

The markets are floating slightly higher today as the Dollar has fallen sharply once again. Federal Reserve Chairman Ben Bernanke is set to speak at 3:35pm ET today. Knowing this, gave Wall Street a good idea that the markets would most likely see weakness in the Dollar and an up market.  The market expects Bernanke to say positive things and always be a friend to the markets, thus the markets positive today.  The SPDR S&P 500 ETF (NYSE:SPY) $129.63, +0.59 (+0.45%) while the PowerShares DB US Dollar Index Bullish (NYSE:UUP) is trading at $21.04, -0.11 (-0.52%).

The strongest sectors today seem to be commodity plays like Chevron Corporation (NYSE:CVX) and Halliburton Company (NYSE:HAL). These stocks are solidly higher today after taking a hit over the last few weeks.

The weakest sector today is again bank stocks. Goldman Sachs Group, Inc. (NYSE:GS) is negative along with Wells Fargo & Company (NYSE:WFC).

The markets are likely to hold small gains into Ben Bernanke’s speech today. The markets are still jittery over the European debt crisis and the U.S. jobs picture. This is unlikely to change in the short term. However, with Bernanke speaking and the Dollar falling, a small up day or two may be possible.

About Gareth Soloway 168 Articles

Affiliation: InTheMoneyStocks.com

Gareth Soloway has been an avid swing and day trader since his days at Binghamton University where he studied Economics. After college, Gareth quickly excelled as a financial advisor, helping clients get their financial houses in order. While helping others gain financial independence, he continued to study the day trading and swing trading world, developing a unique market philosophy and proprietary methods. Following his work in the financial sector, Gareth went on to trade alongside professional traders. Unable to tolerate the hype of Wall Street any longer and having an amazing ability to profit using his developed techniques, Gareth Soloway decided to partner with his friend and colleague, Nicholas Santiago to form InTheMoneyStocks.com. Chief Market Strategist Gareth Soloway serves as the president and CFO of InTheMoneyStocks.Com.

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