UPDATE: Now It’s Turning Into A Huge Rally

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The latest: After an initially rally and then instant collapse, stocks are now at their highs of the day, with the NASDAQ up over 2.5%.

Lots of expectations, perhaps, being baked in for Bernanke.

Update: And after fading initially, there’s some bounceback. Kind of reassuring, actually.

Original post: Just like that, the morning rally is over.

The Dow, which had been up over 100 points, is now basically flat.

Brutal.

Here’s the Dow chart, just to emphasise how quickly that disappeared.

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