daytrades july 21 morning ..., page-117

YT,

From HL premarket....

"The turnaround in the market was also helped by speculation that the Federal Reserve will encourage banks to pump money into the economy by cutting the interest rate it offers them to hold excess reserves. Federal Reserve Chairman Ben Bernanke is due to testify before the Senate Banking Committee tonight."

"Some people are speculating about the Fed announcing it tomorrow when Bernanke testifies," an economic strategist told Bloomberg. "You provide less of an incentive for the banks to keep the money with the Fed and encourage them to do something else with it. It will spur on the economy and could turn the market around."