Tomorrow, the Federal Reserve Chairman Ben Bernanke will speak in Jackson Hole, Wyoming. More pressure than ever will be on Chairman Bernanke to try and say something to help prop this market up. It was just one year ago that Chairman Bernanke signaled to investors that he would do another round of quantitative easing coined QE-2. That QE-2 program just ended in June and it is unlikely that Chairman Bernanke will announce another round of quantitative easing.
Many traders seem to be are taking profits off the table this morning since they know that Bank of America was in worse shape then originally thought. We can only wonder what will be said tomorrow and more importantly how the market will react after the Bernanke speech.