Tuesday, February 11, 2014

Yellen Steady as She Goes

  • image The market ramped up as Fed Chair Janet Yellen (not pictured) spoke in front of Congress today.
  • Wall Street rose for a fourth straight session on Tuesday as Congress agreed to advance legislation extending U.S. borrowing authority and the Federal Reserve's new chief held off from making any changes to its schedule for trimming stimulus.
  • Scary chart from 1929 is going viral!  Yes, at some point we will have a real correction, a real bear market, and more real bull markets.  Everything that has happened before will happen again.
  • Basically, Yellen continued on course with the Fed tapering of QE, and seemed to promise low rates for a long time.  Folks thought she was dovish.  I think it was status quo, though.
  • Olympics… Curling!  Love it.  And the Russian women’s curling team
  • After hours roulette:  FEYE – FireEye fell over 7%… CUTR – Cutera up 14%…  Weeeeee!  Guess right?  I didn’t play today. 
  • I just  read that bacon sales are at an all time high.  That means buy the drug makers that sell the cholesterol lowering meds, high blood pressure meds, and the diabetes meds…
  • I’m 100% in cash, by the way.  I was whipsawed last week.  Sold the bounce the day after the 300 point drop, and remained in cash as we now approach previous highs.
  • Questions for Yellen included “What about the wealth gap?”  She should have said, “Buy the dips!”
  • Audioboos and podcasts coming…  Really.

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