MARKET WRAP

An apparent disagreement among FOMC members knocked a 100 points off the DJIA as Fed decides to continue its bond buying spree until the unemployment numbers improve, according to CNN-MONEY. The DJIA closed at 13,927. 

Yesterday the market rallied on M&A activity suggesting it continues to look for any feeble piece of possible good news to move higher. Retail investors, apparently weary of paltry returns in so-called safer havens, apparently believe as one Wall Street wag put it, "a lot of darks clouds seem to be clearing."

Will Bernanke be gone in 2014 when his second term ends? Some economists think so, while others believe if he goes it will be bad for the economy. Recall Obama waited until August of 2009 to reappoint him. If he goes he will leave with the distinction of getting the most no votes for a second term of any other Fed chairman.

Gold hit a 7-month low today, closing at 1,578/oz., down over $200 or 12% since October, as it moves closer to falling below its 50-day moving average. Traders call it the death cross, when the 50-day MA falls below the 200-day MA. Some take it as one more sign to the retail crowd those dark clouds are clearing.