Comments from Bernanke were not wholly discounting the risk from...

Comments from Bernanke were not wholly discounting the risk from inflation. Here's part of it as quoted in a newsletter I received:

"FOMC participants project that the growth in economic activity should moderate to a pace close to that of the growth of potential both this year and next. Should that moderation occur as anticipated, it should help to limit inflation pressures over time…. However, expectations of a leveling out of oil prices have been consistently disappointed in recent years, and as the experience of the past week suggests, possible increases in these and other commodity prices remain a risk to the inflation outlook."

We could easily have a reconsideration of testimony from the Fed Chairman with a different and less bullish interpretation of the Fed's view regarding rate rises as has happened before.

Three of the last four days where the XJO closed over 50 points higher - 9, 16 and 22 June - were all followed by a significantly lower close (the lowest being 38 points) the next trading day.

I'm short.