Fed Chairman gives hope and screws up my speculative trade.

Well the new Fed Chair Mr. Bernanke gave an excellent review of where the economy is at right now, UP!, with a couple of signs of slowing such as in the housing market and energy prices high. However he also stated that the bond interest rate spread shows that inflation is in check and that even though there are mixed signals in the economy the FOMC may pause before raising interest rates to give more time for the numbers to shake out.

So what does this mean - it means the stock market down this morning off some bad earnings reports loved it and the bulls came surging forward. It closed the OEX above 595. So if you got into the specualtive play at $2.15 currently the spread is now $2.60 or so a loss of .45 per contract. Now the smart thing to do would be to take the loss and close the trade.