This week's pivotal event was Fed Chairman Ben Bernanke's first press conference with the media. Judging from the price action in the stock market, Ben passed with flying colors.

The chairman provided a bit of clarity, reassuring the market that in June, when QE II expires, it will be a gradual process of monetary tightening as opposed to a sharp spike in interest rates. Clearly, he gave little comfort to the dollar bulls as the greenback continues its decline (down 8 percent year-to-date) while dashing the hopes of bears in the precious metals markets as gold and silver raced ever higher on a wave of speculative fever and inflation expectations.

Although both Bernanke and U.S.

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Markets did little in the first week of the 2011. All three averages barely budged as investors waited for some new catalyst that might hint at the near-term direction of the market. Friday's disappointing unemployment data gave them that excuse.

Only 103,000 jobs were created in December while some economists were forecasting as many as 400,000 jobs for the month. I'm not concerned about the monthly unemployment data or about a possible pullback in the next few days or weeks. While the overall market has vacillated lately, the commodity sector has been undergoing a good old-fashioned correction. Given that commodity stocks have largely led the market higher for the last year, in my

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