February 29th, 2012 Market Recap with Gold, Silver Updates

The NASDAQ breached 3000 intraday but then reversed alongside the market after Bernanke's testimony (WSJ breakdown, Bloomberg breakdown), which stated that QE3 was not in the immediate works, caused a broad sell off. Gold and Silver took a pounding, dropping over 5% (Bespoke analysis). Volume was also heavy across the board. Could this be the short term top bears have been waiting for?

Today's fun fact, the S&P 500 is up 8.7% since January, which is its best start to a year since 1991 (Reuters).

Stay frosty out there!

Comments

  1. Posted by manish on February 29, 2012 at 10:27 pm

    nasdaq biggest volume day since 16/12/2011 after new uptrend.......

  2. Posted by Blain on February 29, 2012 at 11:54 pm

    A signal of a top? We shall see...