My, but doesn’t it feel special to rack up 193 points in a single day! I haven’t felt this good since May. Twenty-nine of my 30 stocks ended the day higher. The one stock to finish lower was American Express, still hurting from that stupid Department of Justice investigation.
The Institute for Supply Management’s index for service-sector activity jumped to 53.2 for September from 51.5 in August, signaling better-than-expected growth. Why is that so awesome? Because services make up two-thirds of the economy, that’s why!
Thank goodness for monetary intervention! The Bank of Japan made a strong move today, lowering interest rates to near zero and outlining a plan to devote even more money toward reinflating the economy in the Land of the Rising Sun. And as I like to say, when the clouds part in Japan, the sun shines all over the world.
Even though the U.S. Federal Reserve has been keeping stateside interest rates near zero since December 2008, Ben Bernanke and other Fed bigwigs are strongly suggesting that more quantitative easing is on the way. When the Fed makes the war on deflation a top priority, I get really psyched.
And now that I am pretty confident that the Fed is ready to fire up the printing presses and flood the economy with more money, I don’t have to worry so much about what each little data point. Good news is great, and bad news just means Bernanke won’t be far behind, ready to prop up the markets.
Oh yeah, and to cap it all off we have Warren Buffett coming out and telling people to get out of bonds and back into stocks! Listen to that guy! He’s a champ.
So pumped I can hardly stand it,
The Dow Jones Industrial Average