Phil Grossfield's Blog


I Walked Out With More; Ben Bernanke Speaks

My Schedule…and A Little Extra:   I walked out with more money than I walked in with.  Winner!!  It took a couple of races to figure out that in order win any money I had to limit my betting (and my wife’s betting).  That is, on one race I bet $25 and ended up winning $27.50.  It’s fun to win but $2.50 wasn’t going to make up for the parking fee, the entry fee, and all the beverages and food.  So I changed my strategy and focused in on a couple horses…I paid no attention to what my wife was doing…let it ride baby!  I decided to take two horses that were not the favorites but were expected to be in the top five. Then I put some different bets on those two horses.  It worked!  Later in the evening we figured it all out…after all the expenses of going to the races, and after taking into consideration the amount of money we wagered, we walked out with about $5.  That’s HUGE!  As Charlie Sheen would say, “WINNING!”

My Market Watch:  Rates are same as Friday…I guess two mid-day price changes on Friday afternoon was enough by Capital Markets.  The big news is Federal Chairman Ben Bernanke who will deliver a speech in Jackson Hole.  As you know, whenever Mr. Bernanke appears in public the markets will react.  Traders will be focused on him…they will of course be listening vigilantly to his speech…they will be using their decoder rings to find the hidden message about Central Bank’s possible actions to stimulate the economy.  Traders will study the clothes Bernanke has chosen to wear…a lot of green for example will surely result in more bank action.  And they’ll be looking for patterns in his breathing, facial movements and body language similar to the way a poker player studies his opponent.  Some traders have spent countless hours studying the art of reading these bodily signs to determine the true meaning behind someone’s outward actions and statements.  And don’t forget his mood, yes Bernanke’s mood will surely be the answer to knowing what will happen and what the Central’s Banks future intentions will be, and………………….  My Disclaimer

My Schedule: Behind the computer all day….

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