DailyMarkets.com - Is Ben Bernanke A Liar, A Lunatic Or Is He Just Completely Incompetent?

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• Is Ben Bernanke A Liar, A Lunatic Or Is He Just Completely Incompetent?
• Gold Miners Index May Be Warning Us…
• Forex – USD/CHF Rises To Daily High After Weak Swiss CPI Data
• European Stocks Drop As Financials Tumble; DAX Down 0.51%
• Forex Trading: EUR/USD Re-Testing 1.3615
• Forex – Dollar Up Across The Board Ahead Of BOE Policy Statement
• Forex – GBP/USD Hits 7-day Low As BOE Rate Decision Eyed
• Forex – USD/JPY Surges To 9-day High On Strong Japanese Buying
• U.K. Manufacturing Production Falls Unexpectedly In December
• Forex – NZD/USD Falls To 4-day Low As Risk Appetite Wanes
• Swiss CPI Falls More-than-expected In January
• Forex – AUD/USD Hits 7-day Low On Drop In Full-time Workers
• Asia Stocks Broadly Lower As Commodities Decline; Nikkei Down 0.11%
• Forex – EUR/USD Dips On Dollar Buying By Japanese Importers
• Growth & Income Stock: Greif, Inc.
• Momentum Stock: Netflix, Inc.
• Bear Of The Day: Luminex Corp. (LMNX)
• Bull Of The Day: Johnson Controls, Inc. (JCI)
• Aggressive Growth Stock: PC Connection Inc.
• Forex – EUR/USD Down During The Asian Session
• Forex – GBP/USD Down In Asian Trade
• Forex – EUR/CHF Down In Asian Trading Hours
• Forex – USD/CHF Up During Asian Trade
• The Most Important Chart Of The Year
• Forex – EUR/GBP Down During The Asian Session
• American Economic Review: Top 20 Articles
• Crude Remains Supported By Growth Optimism, Gold Unfazed By Bernanke Testimony
• Forex – USD/JPY Up During Asian Trade
• Forex – USD/CAD Up In Asian Trading Hours
• Michigan, Manufacturing Are Making A Comeback
• New Trading Strategy – First 100 Trades
• Forex – AUD/USD Down During Asian Trade
• Stock Market Summary For Wednesday, February 9, 2011

Is Ben Bernanke A Liar, A Lunatic Or Is He Just Completely Incompetent? Posted: 10 Feb 2011 03:35 AM PST Did you see Ben Bernanke’s testimony before the House Budget Committee on Wednesday? It was quite a show. Bernanke seems to believe that if he just keeps on repeating the same mantras over and over that somehow they will become true. Bernanke insists that the economy is getting much better, that quantitative easing will lower long-term interest rates, that all of this money printing by the Federal Reserve is not causing inflation and that the Fed knows exactly what needs to be done to … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Gold Miners Index May Be Warning Us… Posted: 10 Feb 2011 03:20 AM PST The past couple weeks I have been keeping a close eye the price of gold and the gold miners index. I check to see if its pointing to higher or lower prices in the near future using inter-market analysis, price and volume, along with technical analysis. At this time the charts are still pointing to lower prices in the coming days or weeks. Taking a look at the daily chart of Gold As you can see it has formed a bear flag with declining volume and the price has drifted up into a … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Forex – USD/CHF Rises To Daily High After Weak Swiss CPI Data Posted: 10 Feb 2011 02:49 AM PST Forex Pros – The U.S. dollar rose to a daily high against the Swiss franc on Thursday, after official data showed that Swiss inflation unexpectedly slowed in January as the franc's appreciation helped push down the cost of imported goods. USDE/CHF hit 0.9648 during European morning trade, the daily high; the pair subsequently consolidated at 0.9621, gaining 0.45%. The pair was likely to find support at 0.955, Wednesday's low and short-term resistance at 0.9661, Wednesday's high and a … [visit site to read more] or compare Best Credit Cards and Best CD Rates

European Stocks Drop As Financials Tumble; DAX Down 0.51% Posted: 10 Feb 2011 02:22 AM PST Forex Pros – European stock markets were broadly lower on Thursday, as shares in the financial sector performed poorly following downbeat earnings results from Credit Suisse, while U.S. futures indexes pointed to a lower open on Wall Street. During European morning trade, the EURO STOXX 50 slumped 1.11%, France's CAC 40 dropped 0.98%, while Germany’s DAX was down 0.51%. Shares in the financial sector were broadly lower after Swiss banking giant Credit Suisse reported lower-than-expected … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Forex Trading: EUR/USD Re-Testing 1.3615 Posted: 10 Feb 2011 02:15 AM PST Seen on the hourly chart below, the EUR/USD is re-testing hourly lows just as it did 22 hours ago. The pair found a session low of 1.36147, but once again could not make a push below this level. In the case of a rebound we look to 1.36532 as the first topside target. Also note that the 50.0% line and 100 hour moving average can both be found in the area of … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Forex – Dollar Up Across The Board Ahead Of BOE Policy Statement Posted: 10 Feb 2011 02:13 AM PST Forex Pros – The U.S. dollar was higher against its all of its major counterparts on Thursday, ahead of a Bank of England policy decision as well as an auction of 30-year U.S. Treasury bonds later in the day. During European morning trade, the greenback was up against the euro, with EUR/USD shedding 0.66% to hit 1.3636. The greenback was also up against the pound, with GBP/USD sliding 0.22% to hit 1.6065. Earlier in the day, official data showed that U.K. manufacturing production fell … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Forex – GBP/USD Hits 7-day Low As BOE Rate Decision Eyed Posted: 10 Feb 2011 02:03 AM PST Forex Pros – The pound was down against the U.S. dollar on Thursday, ahead of the Bank of England's interest rate announcement and after data showing that U.K. manufacturing production fell unexpectedly in December. GBP/USD hit 1.6031 during European morning trade, the pair's lowest since February 1; the pair subsequently consolidated at 1.606, shedding 0.24%. Cable was likely to find support at 1.6008, the low of February 1 and resistance at 1.6123, Wednesday's high. The Office for … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Forex – USD/JPY Surges To 9-day High On Strong Japanese Buying Posted: 10 Feb 2011 01:48 AM PST Forex Pros – The U.S. dollar surged to a nine-day high against the yen on Thursday, on the back of increased buying by Japanese life insurance firms and importers. USD/JPY hit 82.79 during European morning trade, the pair's highest since January 28; the pair subsequently consolidated at 82.65, gaining 0.36%. The pair was likely to find support at 82.19, Wednesday's low and resistance at 82.91, the high of January 28. Demand for the greenback among the importers was strong due to … [visit site to read more] or compare Best Credit Cards and Best CD Rates

U.K. Manufacturing Production Falls Unexpectedly In December Posted: 10 Feb 2011 01:42 AM PST Forex Pros – Manufacturing production in the U.K. fell unexpectedly in December, official data showed on Thursday. In a report, the U.K. Office for National Statistics said that manufacturing production fell by a seasonally adjusted 0.1% in December, after rising by 0.6% in November. Economists had expected manufacturing production to rise by 0.5% in December. The report showed that year-over-year, manufacturing production rose by an annualized rate of 4.4% in December, after rising by … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Forex – NZD/USD Falls To 4-day Low As Risk Appetite Wanes Posted: 10 Feb 2011 12:50 AM PST Forex Pros – The New Zealand dollar fell to a four day low against its U.S. counterpart on Thursday, after the U.S. central bank chief signaled the recovery in the U.S. economy was still fragile and amid concerns over further interest rate hikes in China. NZD/USD hit 0.7671 during European morning trade, the pair's lowest since February 4; the pair subsequently consolidated at 0.767, shedding 0.64%. The pair was likely to find support at 0.7621, the low of January 25 and resistance at … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Swiss CPI Falls More-than-expected In January Posted: 10 Feb 2011 12:19 AM PST Forex Pros – Consumer price inflation in Switzerland fell more-than-expected in January, official data showed on Thursday. In a report, the Swiss Federal Statistics Office said consumer price inflation fell by 0.4% in January, compared to a flat reading in December. Analysts had expected Swiss CPI to fall by 0.2% in January. The report said that the year-over-year rate of inflation rose by an annualized 0.3% in January, compared to an increase of 0.5% in December. Analysts had expected … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Forex – AUD/USD Hits 7-day Low On Drop In Full-time Workers Posted: 10 Feb 2011 12:12 AM PST Forex Pros – The Australian dollar fell to a seven-day low against its U.S. counterpart on Thursday, as a drop in the number of full time workers in January weighed on the currency. AUD/USD hit 1.0049 during late Asian trade, the pair's lowest since February 1; the pair subsequently consolidated at 1.0055, tumbling 0.68%. The pair was likely to find support at 0.9962, the low of February 1 and resistance at 1.0151, Wednesday's high. Earlier in the day, official data showed that … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Asia Stocks Broadly Lower As Commodities Decline; Nikkei Down 0.11% Posted: 09 Feb 2011 11:56 PM PST Forex Pros – Asian stocks were broadly lower on Thursday, as commodity-linked shares led markets lower amid concerns China would introduce further monetary tightening measures to curb inflation.  During late Asian trade, Hong Kong’s Hang Seng Index plunged 2.03%, South Korea’s Kospi Composite tumbled 1.81%, while Japan's Nikkei 225 Index was down 0.11%. Earlier in the day, Ba Shusong, an economist at a government think tank told the central bank-backed China Financial News that the … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Forex – EUR/USD Dips On Dollar Buying By Japanese Importers Posted: 09 Feb 2011 11:51 PM PST Forex Pros – The euro was down against the U.S. dollar on Thursday, dropping to a daily low, on increased dollar buying by Japanese life insurance firms and importers. EUR/USD hit 1.3668 during late Asian trade, the daily low; the pair subsequently consolidated at 1.3675, shedding 0.41%. The pair was likely to find support at 1.3571, Tuesday's low and resistance at 1.3824, the high of February 3. The euro had been boosted on Wednesday as U.S. Treasury yields fell while strong foreign … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Growth & Income Stock: Greif, Inc. Posted: 09 Feb 2011 11:10 PM PST Although rising commodity prices have squeezed margins a bit, Greif, Inc. (NYSE:GEF) has still been relatively successful in raising its prices. The company recently reported solid fourth quarter results in which earnings per share beat the Zacks Consensus Estimate by 5%. Sales were up 31% year-over-year due in part to higher selling prices. Based on current Zacks Consensus Estimates, earnings per share are expected to grow 13% in 2011 and 12% in 2012. In addition to that growth, the company also … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Momentum Stock: Netflix, Inc. Posted: 09 Feb 2011 11:10 PM PST Netflix, Inc. (NASDAQ:NFLX) continues to trade strong, recently hitting a new all-time high after reporting a hefty Q4 earnings surprise of 23%. With a bullish growth projection and PEG Ratio only slightly above 1, this Zacks #1 stock offers a good view on momentum. Company Description Netflix is a specialty video content company, offering both movies and television content through a mail and streaming subscription service. The company has a market cap of $11.75 billion. With earnings season in full … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Bear Of The Day: Luminex Corp. (LMNX) Posted: 09 Feb 2011 11:10 PM PST We reiterate our Underperform recommendation on Luminex Corp. (NASDAQ:LMNX). Earnings for fourth quarter and fiscal 2010 beat the Zacks Consensus Estimates, but profit plummeted year-over-year despite an increase in revenues. Luminex operates in the highly competitive life sciences industry, which is characterized by rapid and continuous technological innovation. If Luminex is unable to respond to the changing requirements then its survival in the industry will be in question. Moreover, demand for … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Bull Of The Day: Johnson Controls, Inc. (JCI) Posted: 09 Feb 2011 11:10 PM PST Johnson Controls (NYSE:JCI) follows a strong cost-reduction strategy. The company expects to grow through meaningful acquisitions and increased capital expenditures. Its Building Efficiency segment has recovered based on higher sales from Global workplace solutions. Its profit exceeded the Zacks Consensus Estimate in the most recent quarter. These factors have led the company to raise its sales and earnings forecast for full year 2011. Thus, we have upgraded our recommendation on the stock from … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Aggressive Growth Stock: PC Connection Inc. Posted: 09 Feb 2011 11:10 PM PST PC Connection, Inc. (NASDAQ:PCCC) just posted its sixth consecutive earnings surprise, driven by increases in business spending. Estimates and sales are climbing, creating a fantastic value as well as growth story for this Zacks #1 Rank (Strong Buy). Company Description PC Connection operates under several companies that offer custom-configured computer systems to individuals as well as government agencies and businesses. A Great Year On Feb 2 PC Connection reported fourth-quarter and full-year … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Forex – EUR/USD Down During The Asian Session Posted: 09 Feb 2011 10:20 PM PST Forex Pros – The Euro was lower against the U.S. Dollar on Thursday. EUR/USD was trading at 1.3690, down 0.31% at time of writing. The pair was likely to find support at 1.3509, Monday's low, and resistance at 1.3744, Wednesday's high. Meanwhile, the Euro was down against the British Pound and the Japanese Yen, with EUR/GBP shedding 0.30% to hit 0.8503 and EUR/JPY falling 0.05% to hit … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Forex – GBP/USD Down In Asian Trade Posted: 09 Feb 2011 09:50 PM PST Forex Pros – The British Pound was lower against the U.S. Dollar on Thursday. GBP/USD was trading at 1.6098, down 0.02% at time of writing. The pair was likely to find support at 1.6029, Tuesday's low, and resistance at 1.6185, Monday's high. Meanwhile, the British Pound was up against the Euro and the Japanese Yen, with EUR/GBP shedding 0.29% to hit 0.8504 and GBP/JPY rising 0.20% to hit … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Forex – EUR/CHF Down In Asian Trading Hours Posted: 09 Feb 2011 09:20 PM PST Forex Pros – The Euro was lower against the Swiss Franc on Thursday. EUR/CHF was trading at 1.3143, down 0.08% at time of writing. The pair was likely to find support at 1.2932, Monday's low, and resistance at 1.3189, Wednesday's high. Meanwhile, the Euro was down against the U.S. Dollar and the Japanese Yen, with EUR/USD shedding 0.26% to hit 1.3697 and EUR/JPY falling 0.06% to hit … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Forex – USD/CHF Up During Asian Trade Posted: 09 Feb 2011 08:50 PM PST Forex Pros – The U.S. Dollar was higher against the Swiss Franc on Thursday. USD/CHF was trading at 0.9593, up 0.16% at time of writing. The pair was likely to find support at 0.9524, Tuesday's low, and resistance at 0.9661, Wednesday's high. Meanwhile, the U.S. Dollar was up against the Euro and the Japanese Yen, with EUR/USD shedding 0.19% to hit 1.3707 and USD/JPY rising 0.19% to hit … [visit site to read more] or compare Best Credit Cards and Best CD Rates

The Most Important Chart Of The Year Posted: 09 Feb 2011 08:35 PM PST Okay, I've been saying it since the summer. I've been writing about it almost weekly. And now I want you to see it. Below is the price chart of the 10-Year U.S. Treasury Note. Chart courtesy of StockCharts.com From this price chart, you can see that the yield on the bellwether 10-year Treasury has risen from 2.4% in October of 2010 to 3.7% yesterday, an astounding 54% increase in long-term interest rates in only four months! The Federal Reserve can manipulate short-term … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Forex – EUR/GBP Down During The Asian Session Posted: 09 Feb 2011 08:20 PM PST Forex Pros – The Euro was lower against the British Pound on Thursday. EUR/GBP was trading at 0.8514, down 0.17% at time of writing. The pair was likely to find support at 0.8389, Monday's low, and resistance at 0.8530, Wednesday's high. Meanwhile, the Euro was down against the U.S. Dollar and up against the Japanese Yen, with EUR/USD shedding 0.17% to hit 1.3709 and EUR/JPY rising 0.05% to hit … [visit site to read more] or compare Best Credit Cards and Best CD Rates

American Economic Review: Top 20 Articles Posted: 09 Feb 2011 07:54 PM PST From the February issue of the American Economic Review:  100 Years of the American Economic Review: The Top 20 Articles  Note that the most recent article of the top 20 is Robert Shiller’s article from 1981, everything else is before, starting with the Cobb-Douglas article in … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Crude Remains Supported By Growth Optimism, Gold Unfazed By Bernanke Testimony Posted: 09 Feb 2011 07:51 PM PST Commodities – Energy Crude Remains Supported by Growth Optimism Crude Oil (WTI) – $86.83 // $0.12 // 0.14% Commentary: Most benchmark crudes rose on Wednesday, with Brent adding $1.90, or 1.9%, to settle at $101.82, just shy of last week's 27-month high closing level of $102.34. WTI continues to be an outlier given pipeline and storage issues in the Midwest; it fell $0.23, or 0.26%, to settle at $86.71. Wednesday's move higher was merely a continuation of the upward momentum we have seen … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Forex – USD/JPY Up During Asian Trade Posted: 09 Feb 2011 07:40 PM PST Forex Pros – The U.S. Dollar was higher against the Japanese Yen on Thursday. USD/JPY was trading at 82.55, up 0.23% at time of writing. The pair was likely to find support at 81.78, Tuesday's low, and resistance at 82.67, Wednesday's high. Meanwhile, the U.S. Dollar was up against the Euro and the British Pound, with EUR/USD shedding 0.17% to hit 1.3709 and GBP/USD falling 0.03% to hit … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Forex – USD/CAD Up In Asian Trading Hours Posted: 09 Feb 2011 07:11 PM PST Forex Pros – The U.S. Dollar was higher against the Canadian Dollar on Thursday. USD/CAD was trading at 0.9952, up 0.15% at time of writing. The pair was likely to find support at 0.9858, Monday's low, and resistance at 0.9978, Tuesday's high. Meanwhile, the U.S. Dollar was up against the Euro and the British Pound, with EUR/USD shedding 0.14% to hit 1.3714 and GBP/USD falling 0.04% to hit … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Michigan, Manufacturing Are Making A Comeback Posted: 09 Feb 2011 07:02 PM PST The chart above displays the monthly jobless rates for Michigan, California and Nevada, and here a few key observations: 1. For 101 consecutive months between December 2001 and April 2010, the Nevada jobless rate was at or below Michigan’s jobless rate, until May 2010 when Michigan’s rate dropped below Nevada’s for the first time in more than nine years.  The Nevada-Michigan jobless rate gap has increased in every month since May and stands now at 2.8% in December: Nevada (14.5%) vs. … [visit site to read more] or compare Best Credit Cards and Best CD Rates

New Trading Strategy – First 100 Trades Posted: 09 Feb 2011 06:51 PM PST I bought to cover the futures contract I sold on the SP-500 several days ago – at 1313.00  As best as I can tell, “It is Coming” should have read “It is Coming, but Not Yet”.  I have been proven incorrect in thinking the SP-500 was going to crater from its 5 negative divergences.  Clearly I underestimated the power of the FED’s printing press activities…..which are temporarily able to overrun normal corrections with a flood of liquidity.  Anyway, my two ‘short the SP-500′ … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Forex – AUD/USD Down During Asian Trade Posted: 09 Feb 2011 06:30 PM PST Forex Pros – The Australian Dollar was lower against the U.S. Dollar on Thursday after the release of Australian data on Employment Change. AUD/USD was trading at 1.0083, down 0.41% at time of writing. The pair was likely to find support at 1.0074, today's low, and resistance at 1.0190, Tuesday's high. Earlier in the day, official data showed that Australian employment change rose more-than-expected to a seasonally adjusted 24.00K last month from 1.80K in the preceding month whose figure … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Stock Market Summary For Wednesday, February 9, 2011 Posted: 09 Feb 2011 04:56 PM PST After being on a roll since two Friday’s ago the market saw its first day of material declines.  The declines in terms of percentages was not large but the under the hood the action suggested investors were taking some profits off the table.  Market breadth was negative.  The Semiconductor Index (the SOX) was weak for the third session in a row and has been retracing the gains it made on Monday.  Semis in the past have shown to be a leading indicator for the … [visit site to read more] or compare Best Credit Cards and Best CD Rates

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