 | The market dropped nearly 10 points on the release of the FOMC meeting minutes this morning which allegedly showed that the Fed would not engage in QE3.
I am not sure what the sellers saw, but the minutes said that only “a couple” of members expressed support for bond purchases, given that the economy is showing signs of improvement. At the previous meeting, the minutes said that there was support from “a few” members for more bond purchases.
Yes, the Fed continues to keep it close to the vest, but the market continues it’s move to higher highs. Today’s sell off was mostly erased as the trading day progressed. QE3 still hangs in the balance, the market seems to tell us otherwise. Propelled by the prospect of Bailout-Bens injection of dollars, the market seems to have priced in the easing.
There are those who believe that the Fed is now politically toxic and cannot engage in aggressive monetary policy without experiencing severe political backlash (don’t forget this is an election year). But past performance usually predicts future results (even though the financial attorneys will tell you the opposite) and it seems like were in store for more of Helicopter Ben’s printing press magic.
Behold the age of infinite moral hazard! On April 2nd, 2009 CONgress forced FASB to suspend rule 157 in favor of deceitful accounting for the TBTF banksters.
larrylevin@tradingadvantage.com
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Trading Signals from the Electronic (ES) mini-SP 500 - No “Secret” signals today.
- Algorithm positions (11)
- “Reading the Tape” positions (4) …combined Secret’s, Algo, & “Reading the Tape” total… +3.50
Click Here to See Yesterday's Detailed Results | ES 1412.00 / 1402.50
POC... 1408.00
YM 13177 / 13091
NQ 2786.75 / 2769.75
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Keep a civil tongue.