Helicopter Ben is back.

US Federal Reserve Chairman Ben S. Bernanke
was nominated to a second term today by President Barack Obama.
Bernanke today pledged to work toward restoring stability to financial markets and the economy.
Bernanke, 55, slashed the main interest rate almost to zero and pumped $1 trillion into the banking system to unfreeze credit markets. He now must guide the world’s largest economy back to growth and reduce unemployment that the Obama administration today forecast would surge to 10 percent, while also planning to shrink the Fed’s balance sheet to prevent a surge in inflation.
Why nickname him "helicopter Ben"?Because he mentioned that the government can always avoid deflation by printing money meaning he has a helicopter drop of money-a helicopter printing press as well.
At that time in his footnote to his speech,Bernanke noted that "people know that inflation erodes the real value of government debts and therefore,that it is the interest of the government to create some inflation."

Tracking the Dow Tuesday,25/08/09.(3 weeks to Triple Witching)
Aisan Index Futures Expiry:31/08/09

9:30am:--Bullish 30.0 points gap-up.

Fed Chairman Bernanke has been nominated to a second term.

10:30am:--After finding early high,a pullback to bearish pivot with bullish support.

Participants are taking into account news that the FDIC may ease the ability of private equity firms to buy failed banks, according to Bloomberg.com.

11:30am:--A retracement to bull pivot was checked by bearish dojis.

The S&P/Case-Shiller Home Composite 20-City Index for June showed a 15.4% year-over-year decline, which isn't as bad as the 16.4% year-over-year decline that was expected.

12:30noon:--A shooting star ends the morning session showing a graveyard doji.

The Consumer Confidence Index for August came in at 54.1, which is above the 47.9 that was widely expected and marks a sharp improvement from the upwardly revised July reading of 47.4.

1:30pm:--A pullback slightly below the MAV support having the bearish dojis in control.

The Congressional Budget Office (CBO) has released an estimate stating that the federal budget deficit for 2009 is expected to reach $1.6 trillion.

2:30pm:--The opening bell gap was filled half way being checked by the morning star,bullish spin.

Stocks grapple with renewed selling pressure.

3:30pm:--A retracement to the MAV resistance line was hampered by a bearish harami.

The latest bout of selling has been particularly unkind to energy stocks.

4:00pm:--Ending the day with a hangman at the bear pivot.

This looks like profit-taking is to be set in the following session just in time for a pullback for the Asian Index Futures Expiry.
The Dow is still playing a contrarian role of bullishness despite the technical chart shows a shooting star.

Monday & Tuesday session are holding above the bull pivot and any pullback will be minimal,possibly to cover the half body of Friday's candlestick.

Meanwhile the Consumer Confidence Index for August, which came in at 54.1. that was above the 47.9. . However, market participants should remember that consumer confidence is not highly correlated with actual spending.