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Bernanke muttered a description of stagflation whereby growth will slow and inflation may rise. That's not good for stocks generally - unless good earnings bail out investors. That had been the hope for tech investors as they bet on the sector to do just that. It had been working just swell until Wednesday and Thursday.

Less than a stellar forecast from CSCO proved to trigger a massive rush to the exits in the sector. In two days, the index has dropped nearly 5% and the "fab four" [GOOG, RIMM, AAPL and AMZN] took the lead in profit-taking and a return to earth.

Advance/decline issues on the NASDAQ wasn't as bad is the headline decline but negative volume was very poor:

While we're more focused on indexes and ETFs, it's appropriate to evaluate individual stocks as well on occasion:

In related ETFs:

Meanwhile back at the ranch...well, you'd have to be old to remember that phrase.

What else is moving?

And then a quick look at the problem children:

Overseas emerging markets have held up better than most would have thought given the volatility and sell-offs in mainstream markets.

Today is the end of the week and we'll know after the close whether some of these markets have managed to hold their ground and recaptured support or not.

Stagflation? It seems that's the message from Bernanke & Co. But while he's saying that the Fed conducted $32 billion in repos and the Treasury put out an additional $17 billion. That should grease the wheels of the banksters for a few days anyway.

Source: Tech Leaders Take It On The Chin