Zacks’ Voice of the People Highlights user inthemoneystocks: “The Dollar Steals the Show Again” from the People & Picks community.
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The Dollar Steals the Show Again
The markets opened lower, driven by a slightly stronger Dollar and a drop in Asian markets. Wall Street is looking towards the FOMC Minutes which will be released at 2:00pm ET. The driving force behind the recent rally has been QE2 (quantitative easing two).
The markets expect some major buying of treasuries, which will infuse massive money into the system, thus inflating and creating an artificial wealth effect. While scary, this seems to be the only possible avenue the Federal Reserve can take aside from doing nothing. The market has now priced in a significant amount of this. The Federal Reserve will have to deliver.
In addition, earnings are on tap, starting with Intel Corporation (INTC) after the close of trading today. This will be significant and set the tone. Tomorrow morning, JPMorgan Chase & Co. (JPM) reports as well. This will give Wall Street insight into the financial sector.
As mentioned earlier, the markets opened lower, then sold sharply as the Dollar gained. No sooner did the markets hit the 10:00am ET time frame, the Dollar was mysteriously pushed lower, lifting the markets to their current levels at the break even.
Truly amazing as it appears every day the markets are saved by the powers that are dominated by the Federal Reserve. Their ability to influence and move the Dollar is epic and they seem to be using it to keep the markets propped up. Is it ethical? Of course not. As a trader, it is our job to trade the markets. Be ready for the FOMC Minutes at 2pm ET.
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