We mentioned volatility would be picking up this week and Tuesday’s choppy action was somewhat expected ahead of today’s Fed speak. All eyes and wallets will be watching and betting on what Ben Bernanke will say this afternoon and despite a rebound by the bulls at the open, the market ended flat.
The Dow gained 3 points, or 0.03%, to close at 14,455. The blue-chips made a break back above our 14,500 target to 14,514 but also dipped below 14,400 after trading down to 14,382. The triple-digit midday swing has the bears licking their chops for 14,200 while the bulls still hope to reach 14,750. This is only 2% away from our “market top” before a possible pullback so this week will be important and should give us good clues on if the rally is stalling or if the bulls are going to continue to ride Bernanke’s back (read more…)
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