Bernanke Stubborn Act spoils Rally

Intra day rally attempts are spoiled by Bernanke stubborn act that he refuses to lower interest rates doing nothing after markets bounced off from IT supports near at SPX 1364, DOW 12392, Nasdaq 2361, Qs 45.46 - Another Day with crazy gyration.

Markets closed with reversal formations after bouncing off from LT/IT supports. I think that markets will find support at the current level.

USD: Contrary to many are expecting that Bernanke will lower rate, Bernanke is refusing to lower rate, so USD rallied today.

Between Bernanke and Greenspan, looking like twin evil games, USA are all emptied out, playing blaming games.

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http://www.cnbc.com/id/22682134

With the stock market suffering another serious bout of volatility, investors can expect Ben Bernanke to stay on message about the central bank’s remedy for the stalling economy when he appears before Congress on Thursday.

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Democratic and Republican leaders of the U.S. House agreed Wednesday to develop a bipartisan economic stimulus plan to help avert a possible recession.

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TOMO:

You would wonder what has happened with the liquidity when you see financial market performances.




SPX closed at 1380 after bouncing off from LT support near at 1364 and I think that market will find supports to trade higher as markets are oversold with extreme negative sentiment.





Qs closed at 46.05 after bouncing off from 45.46 which is a breakout support. Market are oversold as we can see with relatively good earning report, INTC was sold off twice based on the extreme negative sentiment. The earning report was good even though the company did not guide higher.