Bernakes Gooses It Again

With Bernanke, you can always expect dovish talk.  Yet traders still act like its news that rates will remain low for a long time.  Today is a typical tight range day, and I don't expect even Banana Ben to be able to cause a sustained breakout.  By trading sideways, we've actually worked off a slight oversold reading from Friday afternoon.  Tomorrow I expect aggressive selling intraday.