Markets are waiting to hear from Bernanke to see if he can establish a safety line which will remind everyone that all is not lost if and when any dismal economic data appears. This is of coarse a fall back strategy appropriate for the Fed's place rather than a forward attack plan which one might think would come from the current administration. Treasury has been hoping all previous measures of support would do the trick especially given the estimated 1.2 trillion dollars of liquidity provided by the Fed in loans to banks in this country and abroad primarily in 2008 and 2009.
Knowing the world depends on continued massive breast feeding from the Fed to hold together economic order is unfortunate but a reality. Normal business growth seems to be threatened by a world banking system flush with public funds but little from enterprises big and small which create jobs. These public funds provided to banks are apparently for their use only thanks to the continued cash flow from lobbyist representing the financial industry.
As for trading, more positive market internals are healing the broad indexes although tech sensitive indexes have a more bearish construction. Tech is experiencing an aging process but still attracts the same interest as other puzzling investments such as gold. Google's purchase of Motorola is an example of how the large techs look to become utilities of commerce as opposed to innovators or inventors.
