Mr Bernanke goes to Washington

So the question of the day is, till now after every time the FED chair has testified before congress the market has sold off within a day or so. No sell off could imply the “bottom” or as I would prefer to say the lack of a sell off my signal that the steps being taken are truly the right steps to stabilize the financial system. Not the bottom but the beginning of the end of the banking crisis.The FED, the market, wall street and the regulators look like they are finally applying the right medicine to the crisis . Early efforts by the FED looked misplaced but recent events seem to be addressing the problem.

As for the economy I don’t want to rain on anybodies parade but employment is a lagging indicator not a leading.