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Monday, August 24, 2009

Benny Makes the Grade

http://www.marketwatch.com/story/obama-to-reappoint-fed-chairman-bernanke-reports-2009-08-24-2125400

"Mr. Emanuel said Mr. Obama will make the announcement from Martha's Vineyard Tuesday. He said the president credits Mr. Bernanke for "pulling the economy back from the brink of depression."

Ummm, well lets see how the next few years goes bud before we make those kinds of pronouncements huh?

Gentle Ben has won reappointment on the day the market made a new intraday recovery high for 2009. High fives all-around I am sure in Banker Town (its a lot like Toon Town)

Wouldn't it be ironic that from this point on the market dropped like a Led Zeppelin? (I'm showing my age)

I mean ok, maybe lets give the guy one more market squirt to a new high or two and then bring it all down. Or not. But from an irony and pyschological standpoint and a contrarian (EW) standpoint, I'd hate to be buying new longs at this point.

Futures spurted up on the news but pulled back. Its good to know our banker overlords have re-appointed its High Priest and sold the news. They probably got those High Frequency Trading futures goin on too...

I'm glad Benny is returning. He is a fun guy and I'd hate for him to go out such a "winner" like Alan-I'm-hiding-under-a-rock-Greenspan did.


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