Risk on went ballistic with early Bernanke comments but is now subsiding considerably.
Every once in a while an important market gives you a very clear signal- like when gold made a huge key reversal down on very high volume and overwhelming bullish sentiment on the day in August 2012 when Bernake's testimony couldn't have been more ostensibly bullish.
We'll have to see- more likely is same 'ol-we'll flop around and get a ramp job going into stock market close.
Still early in the session
but might be coming to pass.
Have no Idea whether BB had anything to say or if this is an endogenously generated sort of top out thingo.
Which it may not yet be but could be a really really BFD.
Re: Still early in the session
3:20 EDT and I'm not sure if that sound I hear in the distance is the cavalry or taps.
Working on a big key reversal down on big volume in the e-mini.
That question is still open as is the question of whether a rotation out of equities would be supportive to the commodity complex which continues to look vulnerable.
I'm thinking no, risk off is risk off and fwiw the after hours gold is right back in position for the shorts to start bombing for stops only a couple of days after a big potential reversal.