Bernanke Speaking More Plainly Than His Geriatric Mumbling Predecessor

What a relief there is someone at the Fed helm who actually doesn't sound as if he is from another planet! For now, he is sticking to the party line -- but does he have a choice? Imagine that you, an academic type, just stepped in and filled Mr. Irrational Mumbling's shoes -- would you want to scare yourself, let alone the market by uttering anything dramatically different from what was being said before you came on board? I didn't think so...

Anyway, nothing really is happening in the market, so I guess that's 1:0 in favor of Bernanke and the Fed. Even the FX and fixed income markets moved up and down and ended up pretty much unchanged. Pay attention to the base metals and a few of the soft commodities such as sugar -- I smell another wave of long liquidation coming. There is never just one cockroach...