Indices were in green when waiting game started for 2 PM testimony by Ben Bernanke....then came the mother of all comment from Fed Chief "US faces unusually uncertain economic prospects"
I think he gave a similar message in Fed minutes few days ago...BUT market ignored it...& rallied....today same jest BUT panic selling......
So..... we closed near lows of the day on a touch higher volume.......
Is it any different than what we have faced since April highs...absolutely NOT.....I firmly believe that we have enough worry now..so we can climb this wall of worry as in the past....
Market will regroup & will work its way higher.......
Actually today could have been a very positive day as S&P 500 peeked above 50 DMA & Nasdaq missed it by a hair...then Ben-phobia took over and down we went.....
BUT in the end it was NOT a tumble of serious proportion....down 1.07% to 1.58%......
VIX UP 7.15% @ 25.64
Strong stocks today which were UP 2% or more included :
CSIQ,MS,TCK,CRUS,LDK.....
AH Futures Mixed
AH Asian Markets Mixed
AH Gold Down
AH Oil Down
BLOG does NOT give buy or sell.
Saleem
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