Wondering why stocks aren't soaring - despite the efforts of every asset-getherer and TV talking head to explain how the Fed is as dovish (if not more dovish) than ever? Perhaps the answer lies in the following table... when the fed admits to being "over-optimistic" and focuses the market on a 6-month period after taper before rates will rise, maybe there just aren't enough people at 33 Liberty to push the green buttons...
Not many "green" Bloomberg terminals at the NYFed
and their colleagues in Washington are all "at play" while the lead cat is "away"
What is perhaps most worrying is the dramatic increase in algo activity as the "liquidity" providers start to run for the hills and exacerbate the one-way order flow... (via Nanex)