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After Bernanke's interview on 60 minutes tonight, I'd say it'll go up for a couple of more days before crashing back down below 7000 again.
Bernanke March '07
"At this juncture . . . the impact on the broader economy and financial markets of the problems in the subprime markets seems likely to be contained."
Bernanke Late February '08
"I expect there will be some failures. I don't anticipate any serious problems of that sort among the large internationally active banks that make up a very substantial part of our banking system."
Bernanke rode the fence the whole way through this interview. I didn't get the whole warm fuzzy feeling that I think they were shooting at.
I read that this was the first time in more than 20 years since a Fed Reserve Chairman has given an interview. The last time was 'Greenspan's 1987 appearance on "Meet the Press." The following week, the stock had its largest single-day drop in history. '
Hope we don't see anything like that happening tomorrow.
Checking in here at lunch has the Dow and the S&P up close to 2%. Hope to see this trend continuing.
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