Market Snapshot An Hour After Speech

Volume picked up significantly after Bernanke's speech was released, providing little (if any) new fodder for QE3 equity-market-hopers and once again pressing for Congress to act. ES has dropped around 1% led by financials.

Financials lost ~1.2% and Discretionarys ~1% from the release of the speech

And perhaps the Treasury market understood this better than the equity market as early as yesterday morning

Of course, DXY is making new highs, Gold near highs and oil near lows of day and over in credit-land HY is 15bps wider and IG 3bps wider with financials notably wider on the day.


UPDATE: by request - Dollar Index FX Majors performance today (up is stronger dollar)

Charts: Bloomberg


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