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Friday, August 27, 2010

All Eyes on the Fed

Economic data released before Friday's open came in a little 'less bad' than expected, and futures are trading higher in the pre-market as a result. All eyes and ears will now be focused on Bernanke's much-anticipated address to the world's central bankers in Jackson Hole this morning. With a Dow close below the psychologically critical 10,000 level on Thursday, a fragile and threatened economic recovery effort, and abysmal investor sentiment, beleaguered Ben's every syllable, body language, and choice of after shave will be scrutinized even more than usual. What is the market looking for other than a magic bullet? Most likely clarity and some sense that the Fed understands the problems and can detail and execute an actual assessment and plan of action, which could be a tall order. The show should get underway roughly around 10:00 ET and could most certainly be "market moving." Buckle up.
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