We got the bounce I expected early from oversold conditions but it didn't last and it may have been wasted buying power. Mr. Market, it seems, is just as pessimistic as me.

Bernanke didn't offer anything new in his speech today other than blaming high oil prices and repeating the theme that current problems are "transitory".

Despite not offering any future solutions, existing POMO activities continue adding $14 billion over the past two days. This isn't chicken feed so maybe, the poor performance of bank stocks means the money will be used to beef-up balance sheets versus trading stocks. That would be something.

Bonds were slightly higher given all the POMO, the dollar faded once again, energy markets were flat to higher and commodities overall were higher.

Volume eased from Monday but breadth per the WSJ was mildly positive.

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