Lipstick on a Pig

This week I've been headed into NYC to do a bunch a ballet class work for ABT Summer workshop, so I've been blissfully (or not) unaware of the daily CNBC pompom waving, especially on days like yesterday in the which the market of course rallied big.

But context is all-important during these crazy times. Over these last two trading days only the Dow managed to creep up a bit; all the other major averages managed to lose ground, and the weaker sectors (plus the Russell) have lost a lot of ground. So spare me the water cooler talk of this being the "big turnaround"...please. There is big time damage in these charts....much worse than the February drop.

Re: "Helicopter Ben" Bernake, I suspect he will use today to attempt to convince the market that he is no Alan Greenspan. I of course could be wrong there, but at any rate I doubt he can say much that will make any difference in the larger sense. Expect volatility though...in what direction remains to be seen.