Daily Market Snapshot 01 25 2012

Daily Market Snapshot

Apple's stellar earnings and Ben Bernanke's comments
propel the market higher.

Gold

Gold shot up immediately on the Bernanke comments.

 

Apple's stellar quarterly earnings report and Bernanke's dovish comments added the needed gas in the tank to send gold and the markets higher. Bernanke seemed to open the door for the possibility of more quantitative easing (QE-3). Moreover, Helicopter Ben said the Fed would hold down interest rates through the end of 2014.

I  re-deployed a portion of available account cash prior to the Fed Chief's comments.

Today's gains moved us further into overbought territory. A pullback of more that a few days would have been helpful. That being said, we still need to have a stake in a market that is on the move.