Looks like I am going to be wrong. With 70 minutes to go markets are at the highs of the day, so it appears in the new paradigm market you can gap down dramatically and then do a 180 and go up, up, up. Another historical precedent to throw in the garbage. Seems like 80% of what one has learned over the years in the market becomes useless under a QE regime.
While we have to wait until the major averages get back over their respective 50 day moving averages to feel more comfortable it appears nothing short of aliens invading will cause speculators not to believe in The Bernank. Natural disasters are now clearly bullish because it means rebuilding.
FOMC meeting today total non event again. The next should be late April and more entertaining since arguments about whether we shall be blessed with QE3 should be on full display.
