The main driver of the downside move was the initial disappointment that Bernanke did not give any indication that the Fed would implement a new round of monetary stimulus in the coming months. I have attached a good article below that outlines the Fed Chairman’s comments.
However, this was largely expected by most professional traders and I do not expect any real significant sell-off in reaction.
Finally, I am expecting a very quiet afternoon trading session, as traders begin to close out positions for the week over the next few hours and turn their attention to heading home to prepare for the approaching hurricane.
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