From the hill say a resolution for a budget deal looks optimistic in congress. A one trillion dollar omnibus spending bill could be released as soon as monday. The bill will need to be passed by the 16th of this month to avert a government shutdown. A fed farewell. Outgoing Federal Reserve chairman ben bernanke speaks today in philadelphia at the American Economic association. Bernanke will particpate in a q a in addition to his speech looking back on his time as fed head. And. The nation is rocked by an epic snow storm. Deemed winter storm hercules. The nearblizzard condtions continue across the country. With the majority of the snowfall today hitting the northeast. Mark sebastian of swan Wealth Advisors joins us now for some trader talk. Hi mark happy new year. Happy new year. Id like to ask you, were starting off this new year and the dow is down, gold is up. Whats going on . I think now that the fed has begun tapering, the market is to be much more economic report driven than its b
Highs. Investors pushed stocks higher on a government report showing evidence of strength in the economy. Gold gained 7 dollar oil 8 cents. Archer danielsmidland will pay 36 million to the sec to settle allegations of bribing officials in the ukraine to win tax refunds. And, Janet Yellens confirmation vote is expected january 6th. If approved by the full senate. She becomes the next fed chairman february 1st. A lovely way to start the trading day on this monday morning. Ben lichtenstein of traders audio is here. Good morning to you. Now that were in the christmas spirit, what will be the christmas trade this week . It seems that the santa rally has come a bit late. It took a bit of prodding from one of his helpers, fed chairman ben bernanke. Last week we saw that big come into the market to close the week out. It was in reaction to wednesdays fed announcement and the question and answer session afterwards. The mindset of traders is just status quo. This is not over until the fat lady s
What are some tricks that have really been working this year . You have to differentiate between what you think is gonna happen and whats gonna happen. Now, it took me a long time to do that and i wasted a lot of money fighting what was really gonna happen versus what i thought should happen. And i think a lot of folks have started to take some money off the table worrying about the stock market continuing its march. But the fed is data dependent and we dont believe that were gonna see that data change very much. The u. S. Economy is still in trouble. Theyre still gonna accomodate loose money policies still on the table. The stocks are going to march higher. Whether you think its manipulated or not, thats just the world we live in today. How have you been handling the hedge funds . Theyve been taking these large shots at companies, making a lot of news, a lot of noise. But what have you been doing as a trader with that information . Unfortunately as a trader you have to have better tim
Dow lost 24 points under as coke shares went flat under the weight of disapointing earnings. The nasdaq rallied 29 and the s p 2 gold gained more ground up 22. And oil surged 2. 33. Herbalife gets a lift the stock rallied more than a dollar after the close on earnings that topped wall street projections. And the ftc wants more info on the sysco us foods deal. Before agreeing to the merger. Larry shover joins us on this wednesday morning. There has been an economic chill that has been running through the market. What do you anticipate for the housing numbers coming out today . Just more of the same. And it seems like right now the investors are giving the economy the benefit of the doubt just given the horrible weather weve seen east of the mississippi. I know its getting to be an old story but its true. Yesterday we had two bad numbers come out and the market just shrugged its shoulders and continued to shrug higher. Gold is making gains. Is that a safe haven play or is something more
Is Alan Knuckman of trading advantage, one of our traders who noted it would be a big year for stocks. Alan, what was behind the big move . It was just a great year. For those that didnt fight the market i made a contrarian call last december when everybody was really negative just from the fact that everybody was overloaded in one direction. The market obviously goes the other way a lot of times and it was a great big year for a lot of bull participants. You also made some calls on individual stocks, starting with facebook. This was a stock that was basically left for dead. People were not loving this stock but you liked it. I really liked it from a riskreward standpoint. Thats how you have to look at the market. You have to look at itif you buy it what are you risking it to and what is the upside potential of that play . So facebook had been cut in half so there was limited risk on the downside. It wasnt going to go out of business in my estimation. We saw a big resurgence and also s