Summers Over, Market Yellen Higher - Market Forecast

Posted by Patrick Ceresna on Sep 16, 2013 8:45:00 AM

We were looking for the rally to run out of momentum as we approached overhead resistance, but we find ourselves in a very different situation. Larry Summers pulled his name from consideration for being the next Federal Reserve chairman. This has caused a material rally higher in the market as Summers was viewed as hawkish, which implied higher interest rates and more aggressive Fed action.  With the dovish Janet Yellen being the front runner we see an immediate price adjustment to bonds and stocks. 

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Topics: Market Forecast, s&p500, bonds, Larry Summers, Yellen

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