Boy do market participants put a lot of hope in Fed Chairman, Ben Bernanke.

Bernanke is the master psychologist. He gets awesome mileage out of his jawboning. He didn't specifically say the words "QE3", but at Jackson Hole, he suggested that the next FOMC meeting would be 2 days instead of 1 to discuss all of the policy tools. "They" must be up to something, so the market ran with this.

The hope is that this time QE3 will do something for the economy. Although we like to think that the stock market is a great economic barometer, I certainly have my doubts. What did that 10% gain in the SP500 in early July, 2011 mean for the economy? Oops! Bad signal.

Doesn't anyone ever question that QE3 is even the right policy? If you hit your head on a wall several times and it hurts, why would you do it repeatedly? What is it about the third and fourth times that makes you think that doing the same thing over and over is going to work all of sudden?

Should QE "whatever" be considered a middle class bailout? After all, doesn't QE promote higher 401 K's and IRA's?

Of course, where else are baby boomers going to put their money and save for retirement?

Either way, I would rather be a buyer of equities 7 days ago when the bears were on the prowl. Oh yeah, I was.

I hate to see headlines like this: "Is it Safe to go Back In?"

This is still a bear market. But it doesn't really matter what we call it. As long as you have a plan and execute that plan, then you can make money anywhere and anytime.

How did the news media know that yesterday's buying was because Hurricane Irene did less damaged than feared? I wasn't polled. I thought stocks were up because it is the end of the month.

The market is very, very overbought on a short term basis.

CNBC has been highlighting gold all week? That makes me nervous. No one has asked the question: Why? If you are CNBC, it is kind cute and quaint that gold is near its highs. Gold at its highs is not a time for feel good stories.