Fed Chief Ben Bernanke’s mid-day speech failed to cover any new ground. It was a rehash of his Jackson Hole speech last month and it disappointed traders looking for hints about further stimulus. The next item on the agenda is President Obama’s jobs speech tonight. The expectation has been lowered, but unless he offers something new and surprising, it may not have much market impact. It will probably also stir up another political battle and cause more uncertainty. We are still in a trading range after the early August breakdown. Seasonality and news flow are working against the bulls. Germany continues to struggle below the August lows and we have the Euro breaking below key support from the last few months which may be signs that things are deteriorating again in Europe.
