A rather classic reversal day, and we've even seen the market break into the sp'1650s, with VIX 14s. Precious metals are seeing rather sharp declines after earlier massive gains, Oil is similarly weak, -1.9%.
Well, for those who bravely shorted the Bernanke spike, today has turned out to be the best day since mid April. Congrats to those who did!
*I am back on the sidelines after exiting an IWM - short index, position.
Will see to re-short later tomorrow, AFTER the QE-pomo of 3bn has filtered through.
UPDATE 3.14pm...indexes seem stuck.. sp'1657...I won't be surprised if we jump into the low 1670s tomorrow...and that would merely make for a good re-short level.
3.24pm..ohh the humanity..the clowns on finance TV are looking a little concerned. After all, gods forbid the market close down 1%.
Perhaps someone should request an emergency QE-pomo before the market closes?
3.45pm...a bounce of 1% seems likely into early Thursday...
Bears beware...QE pomo 3bn tomorrow..10am.