The markets were once again higher this week, as the Dow Industrials hit the 13,000 level and the Nasdaq Composite hit 3000, levels not seen in years. The S&P 500 also hit multi-year highs, on its way to the best 2-month start to any year. This might all change soon with Bernanke’s announcement on inflation and monetary easing.

The VIX  index is trading within a small range right now. If the VIX index breaks the 19 level, look for a market correction.

The US Dollar made a nice comeback following the Fed announcement. It is right at resistance though.

Gold took it to the chin as soon as Bernanke spoke of a tightening of his money-printing operations. Gold has support at the 1680 level.

Crude oil corrected slightly this week. It could have been worse, but an erroneous report of an explosion at a Saudi pipeline elevated the commodity on Thursday before coming back down on Friday.

The Japanese Yen continued its downward march following the Bank of Japan’s announcement of an increase of quantitative easing and adoption of an inflation target.