Off the Charts
Tuesday was a wacky summer trading day, a far cry from yesterday's quiet inside day. The indices opened higher this morning but quickly filled the gap and fell through yesterday's low. However, stocks were able to rebound starting around 10:45 a.m. Eastern time and grinded higher the rest of the day to close above yesterday's high and above the 100-day moving average for only the fourth time in the last two months. The S&P has finished in the red seven out of the past nine sessions, but we are now higher over the course of those sessions. Wacky action indeed.
All eyes this morning were on Federal Reserve Chairman Ben Bernanke's testimony before Congress, but that event did not bring any curveballs. Risk assets, including gold, sold off hard during the early part of the testimony as Bernanke didn't offer any additional suggestion that QE3 was imminent, but those assets reversed hard back into positive territory....712 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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