The market reversed today about 1:30p EDT as positive Bernanke chat yielded to Trichet and the Baklava Bailout. The NASDAQ Comp was up to the 2430 range then closed at 2397. The Rayno Life Science Index of 34 mid-cap biotechs was up 1.7% with 32 greens at 1:30p then finished down 0.5% with only 8 greens.A weak Treasury auction drove 10 Yr.yields to 3.88%. The energy sector was also very weak and the dollar continues to climb to 82.18.
On a separate note Cramer on his CNBC show says Europe, the Treasury auction and the bad tape action don’t matter because unemployment data was positive and good news from companies-tech,financials,retail- keep him in the bullish camp.