A knee-jerk selling effort has followed the announcement that the House of Representatives approved the ammended asset purchase plan. That reaction erased more than 300 points from the Dow Jones Industrial Average. The Dow actually fell all the way into the red, though only for a moment. It quickly pulled back into positive ground.
The concerted selling effort follows the build up that led up to the House vote. That build up had each of the major indices sporting gains of at least 3.0%.
Advancing issues in the S&P 500 are now relatively in balance with declining stocks. There had been an overwhelmingly bullish tone early on.