1:20pm (EST)
Get your popcorn ready.
The circus started last night as the GOP Presidential candidates talked to America about jobs and social security but the high wire act Wall Street has been waiting for is about to begin. In just a few minutes, Federal Reserve Chairman, Ben Bernanke, is expected to speak and you can bet the market will be listening for hints of a QE3 initiative. Big Ben has already shifted the focus back on Congress after his fishing trip to Jackson Hole and has said the boys on the hill need to do more.
All we can say is…be careful what you wish for.
Bernanke better get his checkbook ready because tonight, at 7pm EST, the President will unveil his massive jobs plan on a day the latest weekly jobless numbers disappointed, again. We have already speculated on what the President might propose in our Weekly Wrap so we will leave it at that and see how things play out.
Of course, we still have the second half of trading to go so expect volatility to kick-up a notch as we head towards the closing bell. The market will be nervous and we have said this is a make-or-break speech for Obama’s reelection bid.
As far as the market, the Dow is currently down 23 points to 11,391 while the S&P 500 is off by 3 points to 1,195. The Nasdaq is lower by 2 points to 2,547. Subscribers, check the Members Area for the current trade updates.
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