Sweet irony. A few hours ago I posted the wrong POMO schedule as I was still under the influence of melatonin (no, nothing else!). Anyway, with the old calendar at hand I pointed out that the Fed had the period until the midterm elections covered nicely. Then I realized that I was looking at the wrong month. Foot in mouth ensued.
Well, here is the update – which comes out Thursdays (just not as early as I had thought). And my point stands – Bernanke and his Dollar burning cronies are not leaving anything up to chance here. Don’t expect any meaningful downside correction in equities as long as this calendar keeps resembling Lady Gaga’s booking schedule. BTW, you can ignore the TIPS purchase on the 18th – that’s usually insignificant for equities.
UPDATE: I f…ing had it with AT&T here in Los Angeles. Frankly, I barely use my mobile because every time I get a call it drops out after a minute or so.
Goodbye iPhone – my next mobile will be an HTC on Verizon. Kicks ass plus I can tether it without paying a monthly surcharge.
Sorry – I had to vent, folks.
Anyway – the market, right. Bottom line: The bear case is done until early January – at least in equities. Bonds look like they’re ready to reverse but in a market where equities, gold, and bonds all move up I am not willing to entertain any big bets.