August 27th, 2010
Andy Turner with you today.
GDP came out above estimates and equities caught a quick bid after the release.
Equities came under pressure on the open and then things got a little hairy. University of Michigan was revised a bit lower and Bernanke comments at 9 o’clock combined with some questionable trades in Intel saw equity indexes come under heavy pressure. But Intel responded by trading higher and was subsequently halted, leading equity indexes to have major reversals and make new highs.
Debt got crushed on Bernanke’s comments to do whatever it takes to keep the economy moving. Copper is strong again today as is oil. Minis get above the 1061 area and we could trade higher but the economy is weak. ISM and employment numbers next week. The estimates are already pretty low. This market loves to rally when we “beat” these bad numbers but its not going last forever.
