Was the Speech Leaked?

What you don't probably realize is when you are watching CNBC and they are talking about what Bernanke might say, they actually already know what he'll say, the speech is in their hands, just under embargo. If someone decides to leak that to a friend on Wall Street, well... I'm pretty sure it's happened before.

Take a look at the charts/3C right before the speech.

 DIA 5 min

 IWM 1 min

 QQQ 5 min

SPY 1 min

From a member:

"Hi Brandt,

As soon as you posted the 3c's going to FOMC I exited my longs."

In any case, as I warned, the initial knee jerk reaction is usually the wrong one, so if the knee jerk reaction gets us to a pullback, and then we have the reversal, we could be looking at the continuation of the bounce. As I've been talking about since yesterday, the market needs a pullback to break through the next resistance level. It may all work out very nicely.