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Thrustless Thursday – Bernanke Not a Big Enough Dove to Lift This Market Higher

Posted on the 18 July 2013 by Phil's Stock World @philstockworld

As noted by Dave Fry: "Stocks barely moved overall as Bernanke said little to motivate traders in any direction. It still must amaze viewers to listen to the most powerful man (along with his merry fellow governors) take over the money of the United States with only a bunch of useful idiots in congress to monitor their activities. Stunning!"

 Bernanke could not possibly have been more doveish in his statement to Congress (see yesterday's post) and he speaks to the more intelligent Senate Banking Committee today, where Elizabeth Warren gets a crack at him for the first (and probably last) time. 

I will not be covered as closely as yesterday's clown college in the House and nothing new is likely to be said so we turn our focus back to earnings, and we'll see if they can provide the fuel we need to take this market rocket (up 30% since November) out of orbit and out into space – where we can continue to expand forever more.

SPY DAILY
Unfortunately, we had a few misses yesterday, with MAT, NTRS, NVS and PJC missing in the morning and ALB, CNS, CYS, EPB, GHL, JAKK and KMP missing in the evening.  21 companies did beat though adn IBM, SNDK and XLNX actually raised guidance but, of the 3, only SNDK actually had revenue growth – it's just that the expectations are so low for most companies – they are stepping right over the low bars

IN PROGRESS


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