Last night it was reported that Benny and the Inkjets may in fact start some form of taper in December, contrary to what many folks, (including me) thought. Evidently the crew at the Fed feel that because of recent strong economic data, including better jobs, they are ready to take the training wheels off the economy. This was reported last night and futures didn’t budge. Nice. This taper slowdown has been the most telegraphed and advertised event on planet earth, and after three years of guesses and conjecture it will happen soon, hopefully. Let’s move on. Let’s move up. We don’t need no stinkin’ government for a higher market.
Last night Alan Greenspan defended his zero rate policy and took no blame for the moves that led to the crash of 2008 and said he would do it again the same way. Yellen now has the baton (or magic wand), but its tough to push rates below zero, although some countries have tried.
Maybe now the market will be back to good news being good. This market can still go ape shit to the upside.