Bennie and the Fix

Hey kids, plug into the faithless
Maybe they're blinded
But Bennie makes them ageless
--Elton John

While speaking to Congress today, Fed chair Ben Bernanke stated that the Fed is prepared to inject additional stimulus should economic conditions warrant. QE3 anyone?

Those words were barely out of his mouth before domestic markets ramped higher by 1% or so.

Exuberance dwindled as the day wore on, however. By the close, major indexes sported a bearish whisker on the candlestick charts. The SPX is once again sitting on its 50 day moving average.

Perhaps it dawned on market participants that further economic weakness will likely be necessary before the Fed can engage in more money printing.

The market continues to act like an addict, perking up at signs of another fix, and fading when prosects of another fix dwindle.

position in SPX