Bernanke's Re-Confirmation

Bernanke said today he sees no obvious bubbles or misalignments in the US markets right now. Of course he's not going to taint himself before Thursday's confirmation process on Capital Hill, but it makes you wonder if he had a finger crossed behinds his back as the Dollar Carry Trade is a very obvious bubble or misalignment, but since the mideast turmoil that may trigger the squeeze on the dollar is not in the US, perhaps it's a case of "it depends on what the meaning of is, is". In any case, I wouldn't expect any major downdrafts before Thursday, but the retracement of this bear market rally in and of itself is an obvious bubble of some size considering the fundamentals that were in place to get us there (largely US consumers spending their home equity lines) and now we are with not and near the same place-make sense? Not really. Just hold on, the ride is coming and the smell is back in the air, the question is, ho much firepower does the Fed have left and is willing to expend?