Thank you Gentle Ben, for a Fabulous Friday!
Well, we didn't have our Turnaround Tuesday this week.
And we didn't have a Wonderful Wednesday either.
But thanks to "Gentle" Ben Bernanke, we did manage to pull off a "Fabulous Friday."
The market seemed to take solace in Bernanke's assuring words today that inflation was not that big of a deal, and that "everything will be all right." Those words caused explosive moves on both the DJIA and the Nasdaq, with the Dow ending the day up just shy of 200 points, and the Nas up 34 and change.
Helping things along was a sharp spike down in the price of crude oil (after a sharp spike up yesterday). Also, not hurting events at all was word that the troubled Wall Street firm Lehman Brothers may be taken over.
All in all, a dandy day in the market, and a great way to end the week.
And we have one more week left in the so-called "Summer Doldrums." Most of the top traders on Wall Street take the final two weeks of August off and head to The Hamptons until after Labor Day.
Will they be in a "buying mood" when they return? Well, only time will tell. But my gut feeling is "yes."
Have a great weekend!


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