Opening Look: Bernanke Fails To Sooth Markets

Has the market ever gone up when Bernanke speaks publicly? This morning he made comments indicating that mortgage delinquencies and foreclosures will continue, and that housing prices could see further declines. Thanks for reiterating the obvious, Ben.

Intel (INTC) trimmed Q1 gross margin guidance last night, citing lower flash memory prices. This pressured tech stocks early on. Although it should be noted that Apple (AAPL) should benefit from falling flash prices, and its stock is actually up this morning.

Financials are also weak again, led by Citi (C). Dubai International said they believe Citi will likely need more capital than it has already received.

Asian markets were mixed overnight, while the international ETFs are all lower this morning. The Yen is higher again today, which doesn't help.

Bond yields are steady, with the 10-year yeild at 3.53%. The high put/call ratios helped the market bottom yesterday, and they are extremely high again today. The CBOE put/call opened at 1.21, while the ISEE just hit a near record low of 36. Both of these indicate extreme bearishness.

long AAPL