US stocks looking at little weak ahead of Bernanke’s testimony before Congress, with S&P futures down 3, DJ down 18. Ten-year down, yield at 3.16%.
It’ll be interesting to see if the bulls have any energy left after yesterday’s dash, but the doubters keep looking for this rally to melt away, and they keep getting squeezed when it doesn’t.
Financials surged yesterday, with many speculating the stress test results won’t be so bad. But the WSJ report that 10 of the 19 need to raise capital would be a worse outcome than most mainstream expectations.
Earnings today include reports from ADM, VCS Caremark, GMAC and Walt Disney after the close.
ISM reports non-manufacturing index for April at 10 a.m., Bernanke testifies before Joint Economic Committee, starting at 10 a.m.
Expect him to do the usual on-the-one-hand, on-the-other-hand routine, and expect the wolf pack to be a little calmer than in previous months. Remember, it’s all about recovery now. But don’t be surprised to hear one or two of our elected representatives playing to the crowd. They just can’t help themselves.