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In his semi-annual address to congress, Ben Bernanke affirmed that the interest rate – the rate at which banks lend each other money – will remain low; and noted that the economy is up for a very slow recovery with a high unemployment rate. Also, he mentioned the financial aide draw back plan that would prevent inflation when the market recovers. The reason why we’re not observing inflation as much as the money injected into the financial institution is because the money is not being spent by the consumers; hence, there are not much money chasing fewer goods.
I was holding AMD just for the day – the day on which AMD is having its Q2 concall – until Bernanke said that the economy is slowly recovering. I think the market was expecting something better: A planned increase in the interest rate due to the fast rate of recovery. The market tanked some time after the discussion and I bailed out.
I’m a bit frustrated by the fact that the market recovered in the later half of the trading day. I learned a few things and “reviewed” the things that I might have learned in the past. I feel good that I got of AMD just in time; AMD dropped an extra 11% in after market trading. I’ve had some nice gains until now. The confidence had gotten in my head and have clouded my snapped decision making abilities. Now I’m humble once again and thinking about tomorrow more carefully. gahhh …