Volcker Testimony the Big Factor Today…..update at 11:00
In what should be the start of putting some meaningful teeth into Security/Banking Regulation, Paul Volcker will be providing testimony today. This should begin the process of providing some counter forces to the Bernanke/Geithner strategy of anything goes.
Look for the S&P rally to run into a brick wall at 1095 today.
Update at 11:00, forget the short-term brick wall. The market appears to want to struggle to the top of the trading range at 1120 over the next few weeks.