FEEDThe Fed didn’t win any friends last week. The market sold off 300 points after their policy announcement on Tuesday. The market’s poor response prompted the Fed, the following morning, to announce a coordinated plan with the European Central Bank, the Swiss National and the Bank of England to address the credit crunch. After an initial positive reaction, the market sold off as investors attempted to decipher the plan.
Many traders were outraged as they were blown out of their positions courtesy of the Fed’s actions. Well-respected trader, Dennis Gartman, called for Bernanke’s resignation on CNBC. The outcries will only grow louder as Bernanke continues learning on the job. Unfortunately, investors are being stuck with his student loans.
For the week, the DOW, S&P 500 and NASDAQ were down 2.1%, 2.4% and 2.6% respectively. Commodities were mixed. Gold, silver and copper were down 0.3%, 3.6%, 5.4% while Oil was up 3.7%. Gold stocks as represented by the XAU were down 4.9%.
The TTaMG portfolios struggled.
- Fab 4 -7.1%
- BBO -7.2%
- BRIC -3.7%
- Real Money -1.3%
- TBS -0.1%
- MDs Ag Play -2.4%
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