Mid-Day Reversal In Major Averages (SPY, QQQQ, GLD, USO, TLT, UUP)

Stock prices fell for a third day in a row on Thursday, with the S&P 500 breaking through 1,300 and the Dow falling below 12,000 in intra-day trading, but the indices stabilized as the session progressed and only recorded modest losses by the close. The Nasdaq actually finished positive. The Dow Jones Industrial Average closed down 37 points at 12,068 after spending part of the day down more than 100 points. The widely watched blue-chip index traded in a range between 11,983 and 12,129. The SPDR S&P 500 ETF

lost 0.07% to $130.93. Volume was very heavy again with more than 260 million SPY shares trading hands compared to a 3-month daily average of around 139 million. Volume has been picking up during the recent market declines. The PowerShares QQQ Trust ETF

, which tracks the performance of the Nasdaq 100, jumped 0.52% to $56.86. Over the last 5 trading sessions, the QQQQ has lost 3.44%. Gold weakened throughout the session and saw some heavy afternoon selling as commodities came under pressure. Currently, COMEX gold futures are currently trading at $1,415.80 on CME GLOBEX. The SPDR Gold Trust ETF

lost 0.75% to $136.48 in NYSE Trading. Volume was heavier than usual. Crude oil also cratered in afternoon trade, which coincided with a rise in stocks. The catalyst for the slide in oil prices appears to have been rumors that Moammar Gadhafi may have been shot and is dead. Those rumors were completely unconfirmed and appear to be false. NYMEX crude futures are currently down 0.84% to $97.28 on GLOBEX. The United States Oil Fund ETF lost 2.09% to $38.97 in NYSE trading. Treasuries saw some safe-haven flows on Thursday. The iShares Barclays 20+ Year Treasury Bond ETF

gained 0.64% to $91.74. The yield on the 10-Year note fell 3.7 basis points to 3.45%. The U.S. Dollar continues to fall despite its reputation as a safe haven asset class. Even as markets have become jittery in recent days on account of the unrest in the Middle East, the Dollar is not seeing inflows. This is something to keep an eye on. The PowerShares DB US Dollar Index Bullish ETF

, which tracks the performance of the greenback versus a basket of foreign currencies, lost 0.36% to $22.15. The closely watched EUR/USD pair is currently trading at $1.3809.