The Market On Wednesday

At 7:45 a.m. futures are ever so slightly up. The price of oil is slightly down.

The main topic in today's US market pre-opening articles is Bernanke. The Fed chief will speak before Congress about the state of the economy.

Let's make a clear distinction here. He will be speaking about the state of the corporate economy not main street economy. We are not likely to hear words that will "rattle" the markets.

This is a two day event and it will be a decisive factor in not just the US market but in how world markets will perform in the next 36 to 48 hours.

CNN: Stocks set to edge up at open

Bernanke heads to Capitol Hill for the first of two days of testimony before lawmakers.


The Fed chief is expected to discuss economic and monetary policy.

Reuters: Futures edge higher as Bernanke awaited

...Bernanke was not likely to say anything that will alter the Fed's promise to keep interest rates low for an extended period, predicting the market would gain today as a result.