Somewhere in the Bernanke speech today the market found a reason to rally... At least that 's the story line...
But the speech itself has no clear statement that the FED is going soft on inflation and in fact, just the opposite is true...
Bernanake is quite concerned about inflation and especially energy prices... Along with stocks, gold and gold shares rallied as well...
There will be no free lunch from the FED for Wall Street this year...the selling should continue after the short covering is done...the data simply can not be ignored over the rest of the year... And it will be a long long annus horribilis indeed. The Hurricane Season appears to be winding up again. And none of the economic numbers are really that good job creation is dismal...and the housing bubble is finished. The reasons to rally are becoming fewer by the day...
