Bulls Looking to Keep Momentum

9:00am (EST)

The bulls were holding a nice lead going into Friday’s session as they were looking for their first weekly win in a month. News had been good heading into Fed Chairman’s Ben Bernanke’s speech which helped boost the market as the turmoil in Libya improved and Financial stocks were bouncing higher following an investment in Bank of America (BAC, $7.76, up $0.11) by Warren Buffett.

We covered much of his statements on Friday after Bernanke said the Federal Open Market Committee (FOMC) would take a look at its war chest during September’s two-day meeting, if needed, but he put much of the recovery back on Congress and Europe. Until then, we can expect more speculation about QE3 but it looks like Big Ben plans on standing pat.

There was a bit of a selloff on Friday as soon as Bernanke started speaking and the market remains on shaky ground, but, we mentioned the bulls like to climb a wall of worry. After pushing through major resistance and cracking another layer, the bulls clearly have the momentum but this week is full of major economic headline news…

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Bulls Looking to Keep Momentum

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