Bernake talks, markets tank

Pretty much, that's the pattern. Whenever Bernake speaks, he causes panic on the Street, and with good reason. He does see the economy weakening. He is predicting that the Fed needs to continue being aggressive in its tactics, which translates to more rate cuts.

When the man in charge of one of the largest economies in the world says he's worried, people are VERY worried.

I expect this bad market to continue well into the summer, especially as the housing market continues to slump, with no sign of bottoming out.