Which Way Now?

After nine consecutive higher closes, we're finally seeing some profit-taking in the S&P 500. This comes as no surprise due to the approaching event risk. When Fed Chairman Bernanke speaks before Congress tomorrow, what will he say and how will the markets react?

Put yourself in Bernanke's shoes: He wants the stock market to remain buoyant because of the positive impact of the wealth effect. Generally, the wealth effect is associated with housing prices, but stock prices play a role as well. In a Washington Post opinion piece published on Nov. 4, 2010, he wrote the following: "...higher stock prices will boost consumer wealth and help increase confidence, which can also spur spending."...467 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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