Very nice up day across the board. Less than 5% of the stocks on my watch list had down days, the rest had up days. Most of this is attributable to remarks from Ben Bernanke. One day after he caused a late afternoon topple of stocks, he essentially restated the same thing but in a way that clarified what he meant.
Bernanke said "Highly accommodative monetary policy for the foreseeable future is what’s needed in the U.S. economy." Which, translated into layman's terms, means the Fed will still keep the stimulus and bond-buying train running as long as they deem it necessary. So not only was yesterday's dip wiped out, but now it looks like the market is back on it's "full speed ahead" mode. I would hate to be trading to the down side right now.
Another piece of positive news today involved our own government, who announced a $117 Billion budget surplus for the month of June. Very impressive considering they were anticipating a $39.5 Billion surplus. Granted, about $59 Billion of the surplus came from Fannie Mae, who paid back a huge chunk of the bailout money they received during the financial crisis.
As long as the positive hits keep coming and the Fed keeps pumping money into the system, there's no telling how high the market will go. I guess it's wise to be aiming up until the next FOMC meeting, where I'd sell and await further commentary from Bernanke, since he apparently can sway the markets very VERY easily.
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