The QE Bull hopefuls didn't hear anything about QE3 as I demonstrated in real time what the market's reaction was to Bernanke explaining why it's different now re: QE3.
Hopefully this gives us our pullback, we build a better base, break resistance in a day or two and move toward the 50-day moving average, where we'll want to look at putting on some serious short positions. So far, this is what I expected when I started talking about the need for a pullback yesterday and how the 3C charts shaped up showing a pullback was the most likely outcome.
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