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Not Another Manic Monday

What a day in the stock market. the day started with the big three markets in the green and continued that way throughout the entire trading period. I did expect the day to go quite different on the fact that Ben Bernanke and Hank Paulson were due to speak during the trading day. When that usually happens lately, the markets don’t react in a positive way. It was mentioned over the weekend that there will be continued international support for the financial system, with focus being on the effort to loosen the credit lending.
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The basic material sector had a great day today. It assumed that the sector was oversold over the past week and took back some of those loses. The entire sector started in positive territory and continued to tick upward.
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Oil also had a good day by moving up just over $4 during the day. It’s being said that the bottom is starting to show with this commodity. OPEC is expected to cut production after their meeting in a couple of days. As a matter of fact the latest news is now that they might not cut production since they need make up for the revenue from the drop in prices.National Oilwell Vargo Inc. Had a great day with a 24% gain. A stock that was beaten up for last few months after hitting a high of $92.70 back in July of this year and now after today’s gain is at $31.80 in after market trading.
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Early in the day Ben Bernanke spoke with Congress today on the condition of the economy. He did say that he sees the economy to be weak during the next couple of quarters. He also took the time to inform Congress that a second stimulus check is something that should be considered to help the economy. I do have to say that when Bernanke speaks (in english) I still need a translator to figure what he’s really saying to us average Joes.
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The markets looked quite strong today and continues to look that way through after market trading, but be aware that we are not out of the woods yet. Take you time and do your due diligence with any company that you want to jump into.

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