Looks like the wave of selling seen here is being caused by remarks from Benjamin Bernanke. Essentially he said the Fed's tools to fight headwinds is not infinite and the Fed does not have tools to prevent going off the fiscal cliff. Nothing shocking there but I guess the market believes the Fed has infinite powers. Maybe these words were directed at D.C. more than NYC. We shall see how long this temper tantrum lasts. The market had been consolidating yesterday's gains very well until these words hit.
Any securities mentioned on this page are not held by the author in his personal portfolio.