[jyl]

Bernanke is proving a gift for traders and shorts.

I've lost track of how many times he flip-flopped on whether the Fed is "done" raising rates. Then he started saying the Fed's decision will be "data-dependent" which basically invited the market to gyrate up and down with each economic data point. Lately, every time he opens his mouth the shorts make money. I made 4.4% today, shorting NDX.

Okay, this is kind of unfair. He can't change or disguise what's happening, which is that inflation is rising as the economy is losing momentum. I guess he's just the messenger.

Still - remember that Greenspan started building his reputation by how he handled the 1987 crash? I'm getting increasingly concerned that Bernanke will get the same opportunity. A low-probability but high-significance event.