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The markets suffered a rare setback yesterday when an analyst had the temerity to downgrade AAPL stock. I’m guessing he has already been fired and if not, the sword of Damocles surely hangs above his head – just waiting for another non-perma-bullish remark before it drops.
No worries though; the market was goosed by the Fed yet again. Wednesday’s news came after the market had traded lower all day, as well as inside another tight range.
The FOMC minutes read that Fed members said (loosely) “We will announce QE3 soon, unless the US economy shows tremendous improvement.” In my opinion, that was a veiled remark that actually says “Look, we know the economy sucks so don’t worry we will protect stocks from falling; however, in the event data radically improves we won’t have to do anything. And since we both know that is NOT going to happen, yes, you will get more manna from us central planning bankers.”
The exact quote is “Many members judged that additional monetary accommodation would likely be warranted fairly soon unless incoming information pointed to a substantial and sustainable strengthening in the pace of the economic recovery.”
Substantial and sustainable strengthening in the pace of the economic recovery? Fat chance.
In other news this evening, which shows (yet again) just how bad the GLOBAL economy is, we read the Chinese PMI report that is, in a word: terrible. Perhaps Mr. Bernanke will be offering your money to save China too? 
Trade well and follow the trend, not the so-called “experts.”
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 banking mafia.
larrylevin@tradingadvantage.com
Trading Advantage
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Trading Signals from the Electronic (ES) mini-SP 500
- No “Secret” signals.
- Algorithm positions (3)
- “Reading the Tape” positions (1)…combined Secret’s, Algo, & “Reading the Tape” total… -0.25
Click Here to See Yesterday's Detailed Results
ES 1411.75 / 1406.25
POC... 1410.00
YM 13169 / 13123
NQ 2783.25 / 2766.75
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Keep a civil tongue.