DOW 13,000 breached: Bernanke stands ready to save us
Dow 13,000 acts kind of like a bat signal for the PPT to come to our rescue. Everytime it's been breached, the fed shortly follows with some sort of emergency statement or action. That's why we here at the PPT blog have been so surprised by this last breach of Dow 13,000.
It happened on 1/4/2008, and it's taken the PPT a whole SIX DAYS to come to our rescue. Will they bring the DJIA back to 13,000 or is this one plunge protection too many?
Today, Bernanke let the "Women in Housing and Finance" know that the Fed is about to unleash a torrent of money printing:
The Committee will, of course, be carefully evaluating incoming information bearing on the economic outlook. Based on that evaluation, and consistent with our dual mandate, we stand ready to take substantive additional action as needed to support growth and to provide adequate insurance against downside risks.
Can anyone say.... INFLATION? A couple of markets got this speech figured out right: "Gold rallies to new record high on Bernanke comments", "Crude reduces losses after Bernanke comments"
I wonder if Bernanke owns any gold? He sure has been good for gold prices.
