Rallying on "Fed hopes"?
Hoping for what? Super QE where the Fed is going to step in and buy stocks?
I don't think you want to buy based on "Fed hopes". That sounds like bullsh*t to me. I say steer clear of the market until Bernanke speaks and whatever hopes are associated with him are in the past.
I think there are a lot of good stocks out there to buy and own even if a recession is in the cards, but I'd just prefer not to pay for "Fed hopes" along with them.