Did Ben Bernanke cause the late day sell off?
(If the video doesn't play, here is a direct link to it on youtube)
I doubt it... but maybe the media will blame something he said in the testimonial today, as the cause of the sell off? Who knows what reason they will come up with? There are plenty of negative things in the news right now... from the oil disaster that's still going on, to the debt crises that is hiding the closet, just waiting for the right time to get out.
Ultimately though, the sell off was all just simple technical analysis... as when the charts are all pointing down, the market can't do anything else but sell off. Tomorrow should be a continuation of today, only without the morning rally part.
Since the continuing claims and initial claims data will be released before the market opens at 8:30 am, I expect that news to be the reason to gap down below the 1040 spx support level. The charts tell me that tomorrow should be a down day, and all that's left to make it happen, is somewhere to direct the blame at.
If not the jobs data, then some other reason that might come out overnight or in the morning... will be the blame. The talking heads on your favorite TV stations have too have something entertaining to blame the sell on, or else they would be out of a job. You don't really think they are going to say that the sell is just based on what the technical indicators are saying, and that NO news event is needed to cause it too happen?
Anyway, I guess we all need entertainment... as technical analysis is a whole lot more boring then the excitement we get from going long on Apple when they beat estimates because of a new gadget... making everyone's life better and your long positions more profitable. Or the anger we feel from the disastrous oil spill that BP did, while profiting from our short positions on them too of course.
Speaking of the oil spill, I found this video on Steveo's blog (http://oahutrading.blogspot.com), and thought it deserved too be re-posted. I never knew that the same oil spill happened back in 1079, or if I did know... I forgot about it. They did the same thing to stop it, as they are doing now. Talk about stupid people... this takes the cake!