We'll Probably Bounce A Bit Now.....

Ben Bernanke was reappointed as Fed Head on a Senate vote of 70-30 and the only folks who seemed to be surprised were the reporters on CNBC.

On the earnings front, both MSFT and AMZN came in above expectations. Both dipped at first, though Microsoft rallied, while Amazon was still down a little. Microsoft's results were slightly ahead of estimates, while the Amazon number was a decent beat, but expectations were too high. Usually the Amazon shorts end up being squeezed, but after the poor action of the past couple of weeks, the bears may be a little more aggressive.

This market has really changed its character. The bulls struggled for the fourth day in a row to rally, but it was a very poor attempt, and you can't help but wonder: What happened to all those dip-buyers from last year who jumped in as soon as we pulled back a few cents?

The market is still oversold enough to produce a bounce. The deluge of news is over, and we lack an obvious catalyst, but that could be a good thing. We have been too focused on the news lately. It might be better if the market moved on something other an issue the media can pounce on and talk to death.

Keep in mind that the market has suffered some severe technical damage, so even a rebound won't mean the worst is over and we should all rush back in. We were spoiled last year by all those quick and easy recoveries. This year, things are looking a little different.......