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04032012 Script DOW – 64 = 13,199SPX – 5 = 1413NAS – 6 = 311310 YR YLD +.09 = 2.28%OIL +.07 = 104.08GOLD – 31.20 = 1646.80SILV -.31 = 32.78PLAT – 10.00 = 1647.00 Stocks slumped, bond yields rose, the dollar strengthened, and Wall Street traders experienced DT shakes as they read the Federal Reserve’s March FOMC meeting minutes. There was no direct mention of QE3, the Fed’s big money giveaway to the big banks. And so, the traders started twitching and squirming. Where would they get their next fix of free money? Market expectations for more Fed easing—both quantitative easing or an extension of its ‘operation twist’—have seesawed back and forth in the past several weeks. In the beginning of March, markets factored out quantitative easing based on comments from Fed Chairman Ben Bernanke that it might not be needed and that the economy was showing improvement. At the time, yields rose and stocks also held gains. But some weaker economic reports and new comments from Bernanke last week, defending the Fed’s easing stance, while not new, helped renew expectations for more easing. The minutes of the March 13 FOMC meeting show the voting members talking about more stimulus if the economy deteriorates. It also showed that the recent economic data did not materially change the forecast for 2013, or 2014. They also repeated past concerns about housing and unemployment, as well as discussed recent improvements in employment. Bernanke last week said the improvement in employment may be the …

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