Yesterday’s reversal came after two attempts to take the market through the recent May low. The Dow, NASDAQ, and Russell 2000 all undercut that low, with the S & P coming within two points of the low at 1040. The point was that the bears had a real opportunity. There were no near-term support levels below the May low, which was a slight undercut of the February low. If one were looking for stop loss orders to get triggered, yesterday was an opportunity to push the averages through. The major market leadership group, Technology, was getting pummeled, so there the bulls were leaderless. Financials were still struggling, as the XLF fell to challenge its February low, but held above despite early weakness from a price cut on JP Morgan. The Euro was mostly stable, trading down to 1.19 early, up to 1.20 by the afternoon, only to fade to close nearly unchanged on the day. Bernanke may have said that a “double-dip recession” was unlikely, but he didn’t offer a very inspirational recovery story. He still sees jobs recovering slowly for the next year and a half. The Financials are doing better, but still face hurdles. The Fed is still “watching” Europe closely. It doesn’t sound like Bernanke is about to change the “exceptionally low rates for an extended period of time” statement anytime soon, which may have been the one positive coming out of his comments to ABC News. It was a minor reversal day, mainly because the bears failed to muster any momentum when all was in their favor. Stability will be key today.