Bernanke’s speech bothered me much yesterday. Not for the usual BS served on a silver platter, but because he seemed to telegraph the Beige Book results….just an assumption right now.

The S&P bounced again today off of the 1351 and we are now positive on the DOW, NAZ{sic}, & the S&P.

As a result I have kicked out SRS in the 93’s and I am considering some bottom fish plays in ADM and UNH.

If we close positive here the market has probably shown its direction for the short term. I deduce this by not having a real follow through off the back of Friday’s sell off. Considering the Fly’s last post “Suckers Rally” I’m not saying “hey asshole it’s not that bad .”

Normally I am mkt{sic} neutral, but now I am only long with about 60% cash.

Now that I have covered my shorts, and written so, the market will probalby tank fast and furious.

I will burn through that cash quicker than a crack whore going down for some pittance amount of money…I will refrain till after the Beige Book tomorrow to really buy anything in a serious fashion.

Regarding oil, it may seem that we had a short term double top.

My guess is if the PPT really exists, then they will get oil to go down in order for the markets to go higher; I believe this since the bullshit gig is up on the financials voila LEH. How wil they accomplish this? Maybe they too will cover their shorts on the dollar.

Here is an interesting comment on oil:

http://www.syracuse.com/ap/stories/index.ssf?/base/business-83/1213029256325560.xml&storylist=topstories

GLT

by GW

2:05pm update. The market has reversed course. Fly was right. Suckers Rally….Since we all tend to flip flop these days let us wait till the close to see what really happened.