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Markets Slammed As Bernanke Whipsaws
The markets were nicely higher this morning on the back of solid earnings from JPMorgan Chase & Co. (JPM), a solid drop in Jobless Claims to 405,000 and yesterdays comments from Ben Bernanke that QE3 was possible. As the Dollar continued its fall today, the markets opened higher and pushed on, with the SPDR S&P 500 ETF (SPY) hitting a high of $132.78. This was about a 0.75% gain on the day for the major indexes.
All of a sudden Ben Bernanke reappeared on camera at 10:30am ET. This was his second day of testimony on Capitol Hill. This time, he made sure to say that QE3 was a long shot and should not be expected. The Dollar ripped higher, surging from a dramatic loss to the flat line. The PowerShares DB US Dollar Index Bullish (UUP) hit a low of $21.34 and has since surged back to $21.44. This powerful move on the Dollar killed the markets which have now turned a solid positive day into a negative one. While still early, this downward move in the markets looks much like the reversals seen over the last two days, as positive gains were negated in the second half of trading.
While this market looks to many like a market that is ready to sell, do not jump the gun. Everyone is expecting a major sell off today. I am in the camp that because everyone is expecting it, the markets may in fact start moving back to the positive side and close there.
Gareth Soloway
InTheMoneyStocks.com
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