Doug Gillespie is calling for lower bond prices, a lower dollar, and a pop-and-drop in equities between now and year-end. He notes that the dollar index sell-off yesterday after the Bernanke announcement wasn't exactly encouraging. He is convinced that many participants are looking for equities to mirror their Nov-Dec performance of last year (a strong finish), but he is less sanguine.

So, what I am currently looking for over the short run is enough of a rally to expunge the market's oversold condition. Then, I suspect prices will head south again. If so, it will be time perhaps to dust off the April lows as possible targets, but it's premature to do that now.

Was yesterday the "pop" or is there more to come?