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Stock Market Predictions: “Crazy” About the Dollar
I’m no stranger to controversial stock market predictions. In fact, a few weeks ago I angered an entire room of investors at the Agora Financial Symposium with my latest trio of “crazy” recommendations…
–”Take profits on your gold, while the getting’s good.”
Since uttering those words, the yellow metal’s dropped $108, or roughly 12%.
–”Get short oil. It’s going to $100 before it touches $150.”
And oil obliged by dropping to $113, a move that silenced everyone who was calling for $200 oil just weeks ago.
–”And do the unthinkable. Get long the U.S. dollar versus the euro.”
Last Friday, the euro endured its worst single-day…
Fed Chair Comments Boost Greenback
U.S. Federal Reserve Chairman Ben S. Bernanke came out in support of a stronger U.S. dollar yesterday (Tuesday), indicating the Fed would remain on pause at its next meeting.
Speaking via satellite at the International Monetary Conference in Barcelona, Spain, Bernanke said the Fed is working with the Treasury to “carefully monitor developments in foreign exchange markets.†The Fed Chair said he was aware the effect of the dollar’s decline on inflation and price expectations, Bloomberg News reported.
Also, interest rates are currently “well positioned†to promote both growth and stable prices, he added.
“I can’t recall such a strong defense of the dollar from a…
4Jun2008 | Money Morning | Comments Off | Continued
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