Bernie's Remarks Send ES Up 6 Points

ES went from a low to about yesterday's close to about a 6 point gain as Bernie's prepared remarks before the House Financial Services Committee were pre-released at 8:30 a.m., so far a fairly mild knee-jerk reaction considering the subject matter. The Q&A portion should be more volatile.

ES loses about 7 points or so to hit a low for the week around 5:15 a.m. and then moves just about to yesterday's close just before the remarks are released and then about a 6 point gain on the remarks.

So far the bullet points I have are:

SAYS PACE OF BOND PURCHASES NOT `ON A PRESET COURSE'

FED MAY TAPER QE IN 2013, HALT IT AROUND MID-2014

FOMC BELIEVES RISKS TO ECONOMY EASED SINCE FALL

SEES HIGHLY ACCOMMODATIVE POLICY IN FORESEEABLE FUTURE (As I pointed out, extended low rates would be considered "accommodative" if not "highly" so with or without QE).

So far it sounds like the same message the F_O_M_C minutes gave, time-table is similar, data dependency, but data is better, but takes a little more dovish tone.

Truth is, I don't see anything here that contradicts the already contradictory minutes, so far this seems to me to be a non-event...SO FAR.

More to come....