Bernanke has found Religion

After his second press conference of the new transparency series it should be evident that “helicopter Ben” is no more.  No doubt part of it is a Congress that is off the tracks talking about things that would ensure a real depression.  For me that continues to mean that the type of price action we have seen over the past week will continue in a sense.  The weekly range of about 20 points of each side of the 1277 swingpoint will continue with a downside bias that will test the 1185 support area later this summer.  So, no big crash and no big rallies in stocks for the near future.The dollar while it has yet to break out to the upside, has built a formidable base for a sustained move higher over the coming months.

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