I thought Miami was going to pull that game out last night, but those Jets are a crafty bunch. Not much defense on display last night, but the offenses were rolling.
The indices closed ugly and the catalyst may have been a story which made the case that the FED may do small QE moves over the long term instead of one massive push. As we know, the markets are based 100% on fundamentals and are showing the strength of the recovery not reflecting unlimited liquidity pumping. Here is the WSJ item:
Fed Weighs New Tactics to Bolster Recovery
It is too early to make a call on this, but I am sure the markets will not like any back tracking by the FED.
It would be worth your time to check out these two articles form today.
Via Leigh Drogen:
Would You Practice Brain Surgery?
The Reformed Broker shares a cool missive from David Blair (The Crosshairs Trader):
Earning Your Stock Trading Degree at Idiot University
Gonzalo Lira has this take on Monetization of the Debt which fits nicely with what we have been discussing:
Gonzalo Lira: How The Fed Gave Away $1.5 Trillion Through Stealth Monetization
Have a good night.