I really don’t know what all the fuss was about. Some bonehead in a prop room probably had his 30:1 leveraged up in SPX calls and a TNA, FAS cocktail, fingers crossed and a shot of Jager just hoping and praying that The Bernank would get his QE on. It didn’t happen and the market sold off. Was there really a buzz to begin with? I didn’t really see it. Tough to judge what tomorrow will do based on the last fifteen minutes, but it’s always tough to judge tomorrow.
On the drive home today Bloomberg radio talked buzz kill, some of the big financial blogs waxed disappointment and mentioned buzz kill (must be the new “buzz” word for the rest of the week).
Ben is still in denial and seemed to be on some form of opiate today, maybe Xanax, maybe Klonopin. No one can seem that calm when destroying a country. Maybe because he is doing it in such a slow stealth like fashion, I don’t know. At least he put the printing press away for now. Stay tuned.
Rates are still near zero, so stocks still play. I’d love to see a flush to 1250 first.