There was little corporate news Tuesday. We got the initial bounce but bulls were waiting for Bernanke to give hints of more QE beyond June's expiration. As Goldman Sachs later stated, the Fed's in a "zone of inaction". That was a letdown for bulls.

No market has never rallied much with financials this weak and there must be another shoe to drop from this sector.

Markets were short-term oversold and not so much now judging by the NYMO.

Wednesday is the Beige Book which should just add more on economic conditions.

Let's see what happens.

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