“This was a lock, I knew the Fed wouldn’t taper”—-said no one ever
Central planners everywhere are slathering their bodies with scented oils tonight, as they take heaping dollops of caviar on toast points while guzzling fine wine form their blessed chalices.
Many traders were caught short or flat footed ahead of the number which should only fuel the rally more. The is the send time we have been to the alter of Ben and things have done a 180. This Fed communicates like Rosie Perez on tequila and Quaaludes.
We’re back to data dependent. The take away from today is that The Bernank thinks the economy sucks and there are no real jobs. Even Ben said the labor participation rate is horrific. Booyah, bull market. Ben continues to day trade the economy and your portfolio. In twenty five years of trading I’ve really never seen anything like this. But good for us.
I still swear Ben has deep $OEX calls hidden somewhere.
I can now see $SPX 1825-1850 this year, 2000 next year and who knows what after that. The Fed continues to be the band aid on cancer, but the market cares nary a wit.
The Fed doesn’t meet again until December and I don’t see Ben or Yellen peeing in anyone’s egg nog, so a year end melt up is very possible.
Global markets loved the Fed’s inaction today as $EEM (emerging markets) exploded higher. Expect Japan and Europe to open strong tomorrow.
Japan $EWJ blew out of a downtrend right at 2PM.
$TUR & $IFN, both had big moves.
It all looks higher.
Come by for a free trial.