Reader, Stocks Make Modest Gains as Gentle Ben Soothes Nerves| Wall Street Sector Selector

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Click here   YELLOW FLAG: TREND CHANGE ALERT!   July 17, 2013     Stocks Make Modest Gains as Gentle Ben Soothes Nerves   Dear Reader,   Stocks rebounded on Wednesday as Ben Bernanke reminded Congress that the dreaded “taper” would be triggered by data rather than a date.   Wednesday’s big event was Federal Reserve Chairman Ben Bernanke’s testimony before the House Financial Services Committee.  Nobody seemed to care about the release of the Fed’s Beige Book on a day when Dr. Bernanke was making a live appearance.  The Chairman’s testimony helped stocks ease out of Tuesday’s slump, after he repeated that the dreaded taper of the quantitative easing program would be triggered by stronger economic data than what we are currently seeing.  Most of the questions from Committee members were focused on concerns of their preferred lobbyists, rather than the issue of cutbacks to the Fed’s bond-buying program.     The Dow Jones Industrial Average (NYSEARCA:DIA) picked up 18 points to finish Wednesday’s trading session at 15,470 for a 0.18 percent advance.  The S&P 500 (NYSEARCA:SPY) rose 0.28 percent to close at 1,680.   The Nasdaq 100 (NASDAQ:QQQ) advanced 0.25 percent to finish at 3,085.  The Russell 2000 (NYSEARCA:IWM) climbed 0.36 percent to end the day at 1,042.   In other major markets, oil (NYSEARCA:USO) surged 0.85 percent to close at $37.80.   On London’s ICE Futures Europe Exchange, September futures for Brent crude oil  advanced by 52 cents (0.48 percent) to $108.66/bbl. (NYSEARCA:BNO).   August Gold Futures declined by $16.20 (1.26 percent) to $1,274.20 per ounce (NYSEARCA:GLD). Read “Kachanovshy Believes the Best Cure for Low Prices is Low Prices”   Transports fired-up their Sabre engines on Wednesday, with the Dow Jones Transportation Average (NYSEARCA:IYT) accelerating 0.90 percent. . *****Advertisement***** The End of the "Made-In-China" Era   The 21st century industrial revolution has already begun.  All because of an incredible invention that’s made in America.   Business Insider calls it "the next trillion dollar industry." The Economist compares its impact to the steam engine and the printing press. And technology experts  -- like the guys who brought you the BMW 3-series, the F-35 fighter jet, and Amazon.com -- think it could be "bigger than the internet."   A new investment video reveals the impossible (but real) technology that could make you impossibly rich. Watch it now, before the skeptics on Wall Street wise up and start looking for their piece of the action.   Click here to see the surprise ending *****Advertisement***** In Japan, stocks advanced as the yen weakened to 99.51 per dollar during Wednesday’s trading session in Tokyo.  A weaker yen causes Japanese exports to be more competitively priced in foreign markets (NYSEARCA:FXY).. The Nikkei 225 Stock Average advanced 0.11 percent to 14,615 (NYSEARCA:EWJ).   In China, bartenders and bankers brought bad news to the stock market as reduced demand for alcoholic beverages and a 3-percent nosedive by China’s largest brokerage, Citic Securities, took their toll on the Shanghai Index.  The Shanghai Composite Index sank 1.01 percent to close at 2,044 (NYSEARCA:FXI).  Hong Kong’s Hang Seng Index advanced 0.28 percent to finish the session at 21,371 (NYSEARCA:EWH).   European stocks made solid gains on Wednesday, as mining companies helped the commodities sector lead the advance (NYSEARCA:VGK).  Companies such as BHP Billiton, Rio Tinto and Glencore Xstrata made big gains after Tuesday’s downbeat trading session.   The Euro STOXX 50 Index finished Wednesday’s session with a 0.61 percent advance to 2,681 – struggling back toward its 50-day moving average of 2,701.  Its Relative Strength Index is 53.57 (NYSEARCA:FEZ). Read “European Stocks Rebound on Mining Sector’s Lead”   Technical indicators reveal that the S&P 500 remained above its 50-day moving average of 1,637 after finishing Wednesday’s session with a 0.28 percent advance to 1,680.  At this point, bears are anticipating the formation of a double-top.  Its Relative Strength Index rose from 64.23 to 65.43.  Both the MACD and the signal line continue to rise above the zero line, suggesting an advance. Read “George’s Mid-Month Forecast on the Current Stock Market”   For Wednesday, all sectors were in positive territory, except for the utilities sector, which took a 0.04 percent dip.  The materials sector led the group, with a gain of 0.93 percent.   Consumer Discretionary (NYSEARCA:XLY):  +0.05% Technology:  (NYSEARCA:XLK):  +0.08% Industrials (NYSEARCA:XLI):  +0.29% Materials: (NYSEARCA:XLB):  +0.93% Energy (NYSEARCA:XLE):  +0.44% Financials: (NYSEARCA:XLF):  +0.42% Utilities (NYSEARCA:XLU):  -0.04% Health Care: (NYSEARCA:XLV):  +0.26% Consumer Staples (NYSEARCA:XLP):  +0.19%   Bottom line:  Despite widespread anxiety concerning what Ben Bernanke would say about the dreaded tapering of quantitative easing during his testimony before Congress on Wednesday, stocks made a modest advance after he reminded us that the taper would be triggered by data rather than a date.   Wishing you a great evening wherever you may be and we'll talk tomorrow.   All the best, John Nyaradi, Publisher Dan Nyaradi, Editor Wall Street Sector Selector http://wallstreetsectorselector.com editor@wallstreetsectorselector.com Copyright © 2013 Wall Street Sector Selector, All Rights Reserved P.S. 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