Indices closed down 1.51% to 1.95% on fedspeak jitters.....

Indices were under pressure, despite Buffett's bold step of plunking $5 billion into BAC. Many analysts were upset that 2nd richest person in America actually believes in investing huge sum in a bank which was being pushed down daily ?

Internals of the market were as follows :

Down Volume led by 3.62 to 1 in NYSE & 10.81 to 1 in Nasdaq

Declining Stocks led by 3.16 to 1 in NYSE & 3.91 to 1 in Nasdaq

New 52 wk lows were in lead again 59 in NYSE & 56 in Nasdaq

VIX jumped 10.75% @ 39.76

NOW all eyes & ears are on Ben Bernanke @ 10 AM Eastern Standard Time...he has the unfortunate job of actually knowing what is wrong with US economy & he is trying his best to lead us out of this mess over & over...BUT politicians are "lovin' it" that under Obama, economy is going downhill & there is no support to get anything done.....

I can assure you that no matter what BB proposes....HFT will jerk this market big time..as they have whole day to play this game.....the only way to counter is to be in sector which will benefit from HFT proxies on CNBC who will jawbone BB game plan.....that sector is GOLD.....

I expect market to rethink what BB is detailing...which will help US economy..BUT will be inflationary...thus GOLD rules again.....

AH ER were greeted as follows :

OVTI Down 22.72%

ARUN UP 5.08%

AH Futures Down

AH Asian Markets Down

AH Oil Down

AH Gold & Silver UP

BLOG does NOT give buy or sell.

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