Buy the rumor, sell the news

With Bernanke likely to disappoint and not introduce QE3, it looks like we're setting up for a nasty little pullback to the 1120-1130 level on the S&P. I'm not willing to short this market, but I don't expect Super Ben to come to the rescue. Remember this chart? The UUP closed at $21.02 today. If it doesn't creep under that pivotal $20.92 level by Friday, I think it's just one more piece of evidence that QE3 is probably 3 or 4 bad macroeconomic reports away.