Friday, August 27, 2010

Ben Bernanke Speaks, the Market Rises

He must think he is some kind of a god-like figure. Or that Biblical figure who allegedly parted the sea or another one who walked on the water...

The Federal Reserve chairman Ben Bernanke has declared that he will do everything and anything to prop up the economy. The stock market participants (algo bots and their human operators) has decided to run with that PR comment for the day, driving the market higher. The second quarter GDP coming at 1.6% is also helping, because it was "less bad" than hyped (by none other than Wall Street banks and shills, eh.. pundits like him).

I don't know whether he still has any ammo left (he claims he does), but that aside, here are some of the stocks that are rising with significant percentage gain today (of no particular order; I'm reading off my stock screen):

JOYG (Joy Global - coal mining machinery): 4.06%
HL (Hecla Mining - silver miner): 5.06%
EGLE (Eagle Shipping - dry shipper): 5.17%
FCX (Freeport-McMoran - copper, gold): 5.16%
MTL (Mechel - Russian steel, iron ore): 5.69%
TSO (Tesoro - oil refiner): 5.41%
SGG (ETF that tracks sugar futures): 3.56%
LVS (Las Vegas Sands): up 4.08%

It looks commodities-related stocks are outperforming the market, even though US dollar remain up for the day.

I don't know about LVS...

And what's notably sinking? The US Treasuries.

TLT (ETF that tracks longer-dated treasuries): down 2.36%


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