Stock Market Calendar

Ben Bernanke Meets the Press, Stocks Look For Fifth-Straight Gain

Big Ben Bernanke will play a starring role in today’s proceedings, but he’s got plenty of competition for attention.

The Fed Chief takes to the microphone at about 2:15 p.m. EDT for his second press conference following the end of the Fed’s two-day Federal Open Market Committee meeting. The Fed’s not expected to make news with its post-meeting statement (rates will be unchanged, and will remain so for “an extended period”), so The Bernank’s grappling with the presshounds will be the highlight of the Fed day. (We’ll be liveblogging it with our cousins at Real Time Economics.)

He will arrive before the scribbling hordes with the stock market feeling a bit better, at least coming into the session. The Dow Jones Industrial Average surged 109.63, or 0.9%, to 12190.01, its fourth-straight gain. The Nasdaq Composite, boosted by strong technology gains, rose 2.2% to 2687.26. Memories of the six-week losing skein, which ended last week, still linger, but sentiment has improved, which gives Big Ben a modestly better backdrop.

In his first press conference back in late April, Big Ben seemed a bit nervous at first, but he soon found his rhythm. Still, the exchange with reporters had few light moments, with wonkiness prevailing. The over/under for outbursts of laughter remains stuck at one. I’m tempted to take the under.

Big Ben will likely hear questions about QE2, which ends this month. He’ll say that it’s wrapping up on schedule, and shouldn’t cause any market jitters since its conclusion date is widely known. (He said that at his first press conference.) He is likely to frown on QE3, but in a central bankery sort of way. (“The risks of inflation, blah, blah, blah…”)

He will also get questions about the economy. Is it a Slow Patch, or something worse? Central bankers are famously vague, but he will likely indicate he sees the data showing some sluggishness, but that the Fed anticipates better growth later this year. Again, this would be a repeat of things he’s already said. But if he throws his weight behind the prospect of better growth in the second half, that might cheer investors a bit.

Questions about anemic job growth will provide Big Ben an opening to chastise politicians in Washington. So will questions about the Federal Debt Ceiling debate. According to Treasury, the ceiling will get hit on August 2, which isn’t all that far away.

Intraday Tips for Tomorrow- Nifty Trend for Wednesday 22nd June ...

Today Indian stock markets was too much volatile, as European markets traded strong. As a result of this markets are still bearish and was down below 5250 which can make nifty touching its support to 4850. The S&P CNX Nifty was finally settled at 5275.85, which was up by 17.95 points or 0.34 %. The FTSE index was up by 33 points, CAC index by 34 points and DAX index by 38 points.

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