The bankers were facing a Panel investigating the banking crisis. I watched for a while but it was apparent, even with some "decent" questions by the committee, this was window dressing, a farce, and a total waste of time. I didn't bother to watch the afternoon session, the bankers were gone, probably back to Fraud Street to count their billions of bonus money. Ho friken hum!
About 10:30 the market turned higher and ignored any bad news from the crude reports, bond auction, Beige book, or the Fed Monthly Statement. All is good apparently, and the market soured for the rest of the day, closing at 1146. A slight selloff right at the end taking it from the 1148 high of the day at 3:34 but still a 9.46 move, or 13 point move low to close. We now stand at the highs of 2010 and have traded to the upside 18 out of the last 23 days. It seems nothing, and I mean nothing, will take this market down.
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