Today’s trading was dictated by headlines. Bulls were looking for follow through after yesterday’s monster rally. Over sold conditions were ripe for follow through.
Investors sat on the sidelines as robots pushed the markets in circle jerk fashion. Bernanke made a speech today putting the politicians in place to get the fiscal cliff resolved. He said that the Fed does not have the tools to offset a falling off of the fiscal cliff.
The DOW fell 100 points on the speech only to pare losses by the close.
DOW off 6
S&P up 1
NASDAQ up 0-.67
WTI down $2.24
Gold down $6.9
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