Does "Don't Fight the Fed" Only Apply When Bernanke Was Doing His Thing?

The Bernanke years as Fed Chair are beginning to fade away now, as Janet Yellen continues to slowly tighten. At one point, Dr. Bernanke could seemingly do no wrong in the eyes of markets, as his easy monetary policies made even Alan Greenspan blush. 

"Don't Fight the Fed," is an old Wall Street axiom considered perhaps too general but often correct. 

And so with a tightening Fed now in the face of crude oil pushing multi-quarter lows, we shall see if the market lurches in favor of deflation, once again, in lieu of that famous Bernanke slow-and-steady-reflation trade which saw equities in the sweet spot alongside Treasuries, for the most part. 

One thing Yellen apparently has in common with Bernanke--They both have a unique ability to smash gold bugs to smithereens, as evidenced by the sharp downside reversals in the gold miners this afternoon. 

Either way, let us take a step back an acknowledge the following: It is June, the Fed is tightening, and tech is under pressure again after a steep rally.

Those factors together do not necessarily mean a deep summer correction, but they do suggest caution in tech, at a minimum. If bears fail here, alternatively, then I would assume a blow-off move higher is imminent. 

More in my recap after the bell.