Big Ben

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Ben Bernanke is set to give his Jackson Hole speech today and according to the futures, the markets are expecting him to do something big. As of now, the losses from yesterday are all but wiped out and that's before the speech. If Ben does say anything of substance we could have ourselves a massive day.

If your long, this all looks and sounds great. I'm not buying it -- maybe that's because I'm currently short. On the other hand, when looking over the data for the past week or so I'm noticing weakness all other. In my opinion, it would take a great speech by Bernanke to revive it but I don't see it. This is probably the Fed's last round of ammo and I just don't see him using it right now. The economy is not in great shape but it's also not in a free-fall.

I will remain short until at least the end of the day. If the Jackson Hole speech causes some ruckus in the market I'll look to get long, but at this time, I'm not expecting too.