Fed: Not Even A Modified X
September 21, 2011 2 Comments
Well, it happened again in the market today: 1. Big “Event” coming (Fed 2-day meeting and policy announcement). 2. The market hangs in there, afraid to be too short going into the Event. 3. The Event occurs (Operation Twist is announced). 4. Market isn’t impressed, the shorts come back out to play, and the market craters.
This all corresponds exactly to the pattern I identified a while back. When oh when will the powers-that-be just take my advice and go for a Maneuver X already? Or even a Modified X would be fine. Stupid Yanqui cierbos.