Markets Float Ahead Of Bernanke Speech
The markets are floating slightly higher today as the Dollar has fallen sharply once again. Federal Reserve Chairman Ben Bernanke is set to speak at 3:35pm ET today. Knowing this, gave Wall Street a good idea that the markets would most likely see weakness in the Dollar and an up market. The market expects Bernanke to say positive things and always be a friend to the markets, thus the markets positive today. The SPDR S&P 500 ETF (NYSE:SPY) $129.63, +0.59 (+0.45%) while the PowerShares DB US Dollar Index Bullish (NYSE:UUP) is trading at $21.04, -0.11 (-0.52%).
The strongest sectors today seem to be commodity plays like Chevron Corporation (NYSE:CVX) and Halliburton Company (NYSE:HAL). These stocks are solidly higher today after taking a hit over the last few weeks.
The weakest sector today is again bank stocks. Goldman Sachs Group, Inc. (NYSE:GS) is negative along with Wells Fargo & Company (NYSE:WFC).
The markets are likely to hold small gains into Ben Bernanke's speech today. The markets are still jittery over the European debt crisis and the U.S. jobs picture. This is unlikely to change in the short term. However, with Bernanke speaking and the Dollar falling, a small up day or two may be possible.