CLOSING TECHNICAL SIGNAL & MARKET WRAP
CLOSING TECHNICAL SIGNAL: The sideways to lower pattern is still intact.Next week's jobs and manufacturing data will be the keys as to how markets trade.
MARKET WRAP: Federal Reserve Chairman Bernanke spoke today from the annual symposium in Jackson Hole, Wyoming and said that the Fed did have the tools to battle the weakening economy but stopped short of laying out plans for a QE3. Mr. Bernanke said that the actions will be addressed at the next FOMC meeting scheduled for Sept 20 - 21. Stock investors cheered his words and pushed Stocks markets higher during the session. The 3.5% coupon rose 3bp to 100.81 but was well off the session highs. The Dow jumped 134.72 to 11,284.54, the Nasdaq rose 60.22 to 2,479.85 while the S&P 500 was higher by 17.53 to 1,176.80. In after hours trading oil was near unchanged at $85.49/barrel. Next week's economic calendar is chocked full of important events with readings on manufacturing, inflationand the closely watched jobs reports. The government Non-farm payroll report is set to be released Friday where it is expected that there were 75K jobs created in August. Have a great weekend!