Quick Look

The market is flattish in early trading, with not a lot in the way of market moving news out this morning.

Bernanke gave a speech yesterday that contained little new information, and little in the way of encouraging commentary. Most of it focused on the below average rebound the economy has experienced thus far, and the need for the Fed to keep its foot on the gas pedal.

The World Bank cuts its 2011 forecast for global growth, but they are a little late to the party in this regard so this should not be viewed as a revelation.

Eurozone GDP was released, and came in at 0.8%. That has done little to inspire investors overseas, and Europe's markets are lower today. Overnight, action in Asia was mixed.

The dollar is higher today, which is weighing on gold prices. Gold has fallen back to $1536. But oil prices are higher to $100.70 after OPEC decided not to raise production levels yesterday.

The 10-year yield is back below the 3% level, currently 2.96%. And the VIX continues to hover above its 50-day average, currently 1.5% lower near 17.80.

Trading comment: Yesterday's action was disheartening for those looking for a bounce. It also shows why you need to be nimble in this market. The market opened nicely higher, and we proceeded to do some selling and lighten up on a few names. But by the day's end, the rally had completely faded. I still expect another bounce or two, and plan to execute the same plan as yesterday. Raise some cash, get a bit more defensive, and put ourselves in a better position to take advantage of this correction - but not until we feel it has run its full course. That requires patience, a rare commodity in today's frenetic trading environment.