Bernanke started off all negative, thereby killing the rally that was coming off of earnings reports, which were not just predominantly good but were almost uniformly good. You had to get short off the earnings reports right into the speech. But then, who can take the chance that tomorrow's claims are good, and CAT, this tremendous macro juggernaut, says terrific things and raises its outlook and UNP reiterates that everything's as tremendous as it just said?
You want to be negative for that moment?
Or, you could simply say, the heck with it, this is all too hard, let's square things off, because all the hard work doesn't matter. I mean if you nailed WFC for a good story and didn't hit the eject button immediately, if you didn't sell AAPL into the ramp, if you decided GS is out of the woods, you got your head handed to you.
Can there be anything more nightmarish?
Then Bernanke spoke. Need to figure out what Congress wants. What he's worried about. He's all about the macro, and the companies, obviously, are totally micro. Even though he did tell us that he can help us, he spent more time talking about how to stop being helpful. Congress was more concerned about keeping the spigot on and less about Bernanke trying to instill confidence, so confidence got crushed and so did stocks. Plus, we had to hear about Greece again! Our companies are saying don't worry about Greece, we're making money. That, as usual, didn't get into the testimony.
So, stock analysis once again felt like a huge waste of time for today. Just another day ruined by Washington -- one of what seems to be hundreds.