Up a bit late, so I decided to offer up a few thoughts in anticipation of Bernanke's speech tomorrow.
My instinct is that we will get jawboning more than anything else. So far, he's been able to get away with it -- which is to say, I'm not sure that we have experienced the degree of pain yet that is required to force the Fed's hand on more action (even though I am quite confident that we will get there inevitably).
So, I think the market will probably take a hit. I think gold will hold up surprisingly well, in part because even if Bernanke doesn't do anything yet, Draghi will very soon.
The next payroll report is a week from now. That is probably the moment that will trigger what comes next.
