The NASDAQ breached 3000 intraday but then reversed alongside the market after Bernanke’s testimony (WSJ breakdown, Bloomberg breakdown), which stated that QE3 was not in the immediate works, caused a broad sell off. Gold and Silver took a pounding, dropping over 5% (Bespoke analysis). Volume was also heavy across the board. Could this be the short term top bears have been waiting for?
Today’s fun fact, the S&P 500 is up 8.7% since January, which is its best start to a year since 1991 (Reuters).
Stay frosty out there!