March, Friday 02, 2012

DOW – 2 = 12,977SPX – 4 = 1369NAS – 12 = 297610 YR YLD -.05 = 1.99%OIL – 2.34 = 106.50GOLD – 6.70 = 1712.00SILV -.78 = 34.83PLAT – 2.00 = 1703.00 Ben Bernanke has wrapped up his semiannual testimony on Capitol Hill. There was a total of 83 questions asked by the 61 members of the House Financial Services Committee, only seven questions were about Bernanke’s actual job: monetary policy. Many, if not most, members used their 5 minutes for statements rather than questions. It’s an election year. So, we can pretty much break down all the worthwhile comments from Bernanke in four categories, and cover it all in a couple of minutes: Bernanke on QE “If you look back at Quantitative Easing 2, so called, in November 2010, concerns at the time were that it would be a high inflationary environment, it would hurt the dollar, it would not have much effect on growth, etcetera. “But since November 2010, we have had since then the QE2 and the so-called Operation Twist, we have had about 2-1/2 million jobs created, we have seen big gains in stock prices, we have seen big improvements in credit markets, the dollar is about flat, commodity prices excluding oil are not much changed, inflation is doing well in the sense that we are looking for about a 2 percent inflation rate this year. “And one other point, in November 2010, we had some concerns about deflation, and I think we have sort …

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