The Bernanke Rally Is Already Collapsing

It's been two days since the Federal Reserve sent stocks racing higher with the surprise decision to refrain from announcing a reduction in the pace of monthly bond purchases the central bank makes under its quantitative easing program.

Now, headed into the weekend, the rally sparked by the Fed and chairman Ben Bernanke is already collapsing.

The S&P 500 is down 0.5%, trading at its lowest level of the day near 1713. The chart below shows the big boost from the Fed decision and the subsequent sell-off.

Gold, which received a similar boost from the Fed decision, is selling off hard. Today, it's down 3%, trading at $1328 an ounce.