I don't think there is much more Bernanke can say tonight after his performance Monday morning, but this market is excellent at ramping up on the exact same news countless times ("Greece is saved v18.0"). I am unclear why Barbara Walters is not doing the interview – that way she can ask Ben not only what color the shoots are, but what kind of tree he is. (no brainer).
Federal Reserve Chairman Ben Bernanke sat down with ABC News' Diane Sawyer Tuesday to discuss the state of the U.S. economy and the challenges we still face on the road to recovery. Bernanke and Sawyer spoke on a wide range of issues including gas prices, the housing market and where the national unemployment rate is heading.
The U.S. economy is "stronger and more stable" than it was a year ago and the financial stress in Europe is easing, but many challenges remain including adding more jobs for the long-term unemployed and getting the housing market back on track, Federal Reserve Chairman Ben Bernanke said in an ABC News interview Tuesday. "And so yeah, I'm sleeping a little better," he told "World News" Anchor Diane Sawyer in an exclusive interview. "But again, I think it's really important not to be complacent. We have a long way to go, a lot of work to do, and we're going to keep doing that."
It was a pretty naughty close even if the NASDAQ doesn't show it – breadth was very poor and everyone continues to hide out in the QQQ ETF (which was of course up 0.1%). Many stocks (well the leaders) are already overbought just in this very short bounce, and already sit at or well above their upper Bollinger band. Intermediate term action still remains consistent however.
Here is the full transcript of Ben v Diana.
Any securities mentioned on this page are not held by the author in his personal portfolio. Securities mentioned may or may not be held by the author in the mutual fund he manages, the Paladin Long Short Fund (PALFX). For a list of the aforementioned fund's holdings at the end of the prior quarter, visit the Paladin Funds website at http://www.paladinfunds.com/holdings/blog