Yesterday may have been just another occasion for end-of-month window dressing. Oh, but that's not allowed anymore is it? Well, let's not be too naïve. There's nearly $2T in hedge fund money sloshing about and good performance matters each and every month, so...

Aside from that, what's the buzz? The Beige Book shows moderate growth and GDP was revised somewhat higher. Everything's just fine. Put Monday's decline out of your mind like it never happened.

The only problem may be on Friday since it's the beginning of a new month and some bad actors [Bernanke speaks again] could make the weekend uncomfortable.

Wait, there's still the problem with the dollar, precious metals and energy isn't there?

Higher risk markets have higher Betas [volatility], so two-way action can be more rewarding on up days and destructive on down days. Some featured players in this regard include:

Okay, enough already. It's just Wednesday, maybe "Big Wednesday!" We're just as anxious with conditions as anyone -- but that's always true. As stated previously, "patience" will be the watchword throughout the week as more "talk" from officialdom may continue to move markets.

Have a pleasant evening!

Disclaimer: Among others, The ETF Digest maintains positions in: S&P 500 Index (SPY), Euro Currency Trust ETF (FXE), streetTRACKS Gold Trust ETF (GLD), Central Fund of Canada (CEF), iShares Lehman 7-10 Yr Treasury Bond ETF (IEF), iShares MSCI Emerging Markets ETF (EEM), iShares S&P Latin America 40 Index (ILF), iShares FTSE/Xinhua China 25 Index (FXI), Templeton Russia & Eastern Europe Fund CEF (TRF), iShares MSCI Australia Index (EWA), iShares MSCI Canada Index ETF (EWC), iShares MSCI Malaysia Index (EWM), and India Fund Inc. (IFN).