Today’s to the point market recap courtesy of Fox Business, “The markets skidded deep into negative territory Wednesday amid worries about the fiscal cliff and rising tensions in the Middle East. The Nasdaq ended the day in correction territory, while the Dow closed at the lowest level since June.”
QE unlimited has removed all the artificial market strength. No longer can simple stimulus speculation headlines cause broad market rallies on command. Since the announcement of QE unlimited, the S&P 500 is down -7.1%.
The biggest surprise today comes from Facebook (FB), which proved skeptics wrong by rallying +12.59% even as 804 million shares became available for insiders to sell on the open market. I posted on the StockTradingToGo Fan page right after the open as FB was up nearly 7%. It was the start of a great day overall for the stock.
Updated look at the overall market below. Stay frosty (sharp) out there!