Stocks retreat after Bernanke comments
The market retreated on Fed Chairman Ben Bernanke’s press comments. The Fed’s introduced nothing new as such but made remarks that they will support fiscal policy till the unemployment rate is down to normal 6.5%.The market did not know what that implies and when in doubt they hit the sell button.
Most major stocks and SPX has done very well last few sessions and it does not implies game over.
AAPL particularly is poised to go down in my opinion, because the kind of pennant it is forming at the bottom of the chart after a harsh sell off. The stock has a natural tendency to work behind the scenes – usually the art work of professional sellers. They gap it open pre-market and than slam that gap with 2 to 3 million shares in 20 minutes from the opening bell. How much tax related selling in the face of fiscal cliff is left no one knows. But one thing is sure most people are not getting duped and staying on the sidelines and the stock is unable to go higher making lower lows every session.