NYSE Euronext (NYX)

[Not_Bill_Oneil]

The market is very wary of this Fed.

The initial spike up on the news release of Bernanke's speech that was put out about 45 minutes before he actually started talking was sold by the market. By the time he had droned on and wrapped it up, the market had sold off again and was right back where it was before that news release. The market was not buying his statements (literally) and it looked it could lower again.

Shortly after, it was at 14:20 that the market actually got a real bid - when the BAC - CFC news was released, sending everything up.

In any case, that's two days for this bounce where the buyers have stepped in and pushed us up into the close. The important one was Wednesday reversing off of the new low.

Good.