In case you missed it, here’s a summary of the ETF topics and market reviews I posted to my blog during the week ending on 9/2/2012.
The big speech from Bernanke at J-Hole came and went and, as I suspected, no earth shattering announcement was made other than the usual jawboning that “we stand ready to act…, etc.”
Amazingly enough, the markets have become so totally dependent on what the Fed might or might not do that the mere uttering of potential QE still being a possibility is apparently enough to put a floor under any dramatic 0.5% pullback of the major indexes.
How great is that?
The Fed no longer needs to actually act but only offer the possibility that they might, and the QE addicted crowd happily pushes the major indexes higher? As if there were no longer fundamentals to consider or negative news events to be acted upon; nothing seems to matter; only Bernanke’s word is the gospel which determines market direction.
A pretty sad state of affairs, which will work until the day it doesn’t when unintended consequences make an appearance all of a sudden and rock the boat in a big way.
Over past week, we covered the following: