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Thursday, June 26, 2008

Bernanke The Revolutionary

Remember when everyone, even IBD, were singing the praises of Ben Bernanke, how he had "revolutionized" the role as Fed chairman? It seems like all that praise came just about the time the market started rolling over and headed into it's current implosion.

The SPX is awfully close to the March "the bottom is in!" lows. Seems like equity buyers didn't like what the Fed had to say about inflation.



The banking index. Just plain ugly. "Bailout Ben" has his work cut out for him.


Things were just as bad on the Nasdaq as RIMM got squished today thanks to an earnings miss.



Was there any strength today? None that I could see. The Russell is still a long way from the March lows, but picking up a lot of downside momentum.





The Dow industrials are now at a new low for 2008. Wait, wasn't the weak dollar supposed to be good for these guys?








Ah, the dollar, intraday. You can see a brief spike up when the Fed announced a rate non-change, but apparently nobody believes we will have a rate increase until after the election. Ah, politics and economics, always a fun, and disastrous, mix.






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