On the news that operation twist will be extended through the end of this year, the market took a serious dive in less than 5 minutes. Buyers came in soon and lifted price to new intraday highs. But the wild ride wasn't over. At 2.15 PM, Ben Bernanke held his press conference and the initial reaction was down again.
Indices almost revisited the intraday lows before bouncing higher again. That brought us back near yesterday's closing levels. So after a turbulent day, indices ended the day just short from breakeven.
5m-chart SPY:
Daily charts DIA, SPY, QQQ and IWM:
Euro, oil, metals
A very bad day for oil, losing almost 4%, but finding support on 81.
Metals also lost considerably more than indices/equities with copper down the most; 1.5%.
The euro kept trading around the 1.27-level, it went up and down together with indices and ended nearly flat at 1.27.
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