Bernanke killed the pullback. He slayed the Dragon. He is a battle tested warrior. Or maybe just a mad man. He hinted that QE 3 would be for the benefit of the world. Cui bono?
He knows nothing other than neo-Keynesian policy, and when one only has one way of thought, he puts himself in a dark, dark hole. He has one plan of action, and that is to create more debt. More debt, I will say, out of nothing. Interesting that he owns the worlds largest gold reserve.
All of that debt will find its way to golf of course, and each brick in his vaults will become more valuable than he can imagine. Maybe this is his plan. Or maybe he is just stupid.
The pullback will continue, as money is repositioned, but the low may only come inbetween 12k-12,200. PMs should come to the middle of their ranges before exploding higher.