On Wednesday, money pros were trying to understand what to make of the latest commentary from Ben Bernanke.Some pros worried that it would put an end to the rally and future gains in the S&P.According to the rally skeptics, it’s not so much what Bernanke said, it’s what he didn’t say. The Fed chairman gave no signals that further easing will be on the table.“It seems definitive that the market is not getting QE3,” muses trader Stephen Weiss.“The chairman has taken away the Bernanke put,” adds Brian Kelly.
Peter Boockvar, equity strategist at Miller Tabak focussed on a very specific comment - "Bernanke acknowledged the improvement in the labor market. It means we are not going to get (more monetary easing) anytime soon." However, rather than run for the exits, the Fast pros interpret Bernanke's comments as yet another sign that a self-sustaining recovery is underway in the US.In other words, Bernanke's comments are consistent with many other positive data points; for example mortgage applications jumped last week, Chicago PMI was excellent and consumer wages are up.Page 1 of 3 | Next Page