A Message To Bernanke

Beyond a few uninspiring M&A deals, the bulls didn't have a lot to motivate them. While everyone vocalizes their two cents worth on the current hedge fund situation (including Bill Gross), falling new home sales and consumer confidence kept investors in a defensive position. Given the reports today, I think Wall Street is trying to send a clear message to Bernanke to please cut interest rates sooner rather than later.

For the day, buyers were clearly confined to safety groups like tobacco, healthcare, and drugs. There was also a pickup in volume in the selling, which is rarely a comforting sign as Wall Street's moves show an urge to sell strength rather than buy into it. As always, I hope you're doing well and enjoying summer in spite of the market. There's a good reason why some take the summer off from trading and the past few days validates that view.