This morning, the S&P 500 Index e-mini futures (ES-H3) are trading higher by 1.25 points to $1493.75 per contract. Many traders and investors seem to be focusing on the so-called successful bond auction that took place in Italy earlier today. Apparently, bond yields on the Italian debt did not rise as much as expected so investors are rejoicing. Unfortunately, the bond yields probably did not rise due to the intervention by the European Central Bank. Who else would buy this junk? Oh well, that is how the markets work and this is why you want to use charts. The European banks could be volatile today especially if the major stock indexes start to come under pressure. Leading European financial stocks such as Deutsche Bank AG (USA)(DB), UBS AG (USA)(UBS), Banco Santander, S.A. (ADR) (SAN), and the National Bank of Greece (ADR) (NBG).
Later today, Ben Bernanke will begin his second day of testimony before the U.S. Congress. Yesterday, the markets rallied after the Bernanke testimony. Chairman Bernanke said that he plans to keep QE-3 in place for the foreseeable future. We shall see if the Bernanke bounce can continue again today.
Below you may find the video.
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Can The Markets Repeat The Bernanke Bounce?
Published 02/27/2013, 05:08 PM
Updated 07/09/2023, 06:31 AM
Can The Markets Repeat The Bernanke Bounce?
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