Grep Ip, the Fed's mouthpiece at the WSJ, had this to say:
Fed officials are unlikely to cut rates before their scheduled Jan. 29-30 meeting, because Mr. Bernanke's speech has already recalibrated market expectations. But that could change if the outlook worsens sharply in coming days...There is speculation the FOMC met by conference call ahead of Mr. Bernanke's speech on Thursday, but the Fed hasn't confirmed any such meeting.
Looks like we have a Benanke trading put until the Fed cuts. This time the trade should last more than 30 minutes!