Gentle Ben is getting better treatment at his reconfirmation hearing than Giethner did a few weeks ago. That’s ironic, because Bernanke has had far more to do with influencing not only the crisis, but the Wall Street bailouts, than Geithner ever did. Why does he seem to get off so easy? Read my opinion on Ben’s reappointment here.
Does 1,120 on the S&P even matter? I know it’s the 50% retracement level from the peak, but it’s just a number. Or is it?
The financials haven’t budged in weeks and Goldman Sachs has actually been trading lower since the beginning of October. Can the rally continue without its most important leader?
This morning’s jobless claims came in much better than expected at 457K. The trend is clearly down from here. On the other hand, the ISM employment component showed a very weak jobs market at 41.6. Goldman Sachs says unemployment could stay over 10% for all of 2010 and much of 2011. How will the stock market react to unemployment over 10% in 6 months? My guess is not well….