The SPX 500 has gained about 7 points since the close on the S&P 500. With positive news coming out of Europe the markets seem to be rallying, however we may remain in a range from 1,225 to the 1,290 high as market sentiment is likely to shift as political rumors are spread. Wednesday (11-09-11), we have Bernanke scheduled to speak at the 9:30am EST US open. I would expect markets to remain relatively quiet after Asia session closes. The event risk is not scheduled as a major event on the calendar, but many will be analyzing every word in his speech for any hints of QE3. If futures don’t break the 200 Day Moving Average due to limited hints of stimulus, we may see a slide downward in equities as investor search for liquidity in the USD.
