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Ahead Of Ben's Big Speech - Market Is In QE-On Mode (Apart from FacePlant)

Tyler Durden's picture




 

After this morning's low volume stop-run to the highs (divergent from Spain's 10Y fulcrum security), we have gone nowhere during the day-session so far - even with a small miss on Chicago PMI and beat in Confidence. But with a few minutes to go until his big moment, markets are trading in a QE-ON mode in anticipation of Ben's big words (except FB -4%).

US Stocks ignoring Spain's weakness

 

Treasury yields down, USD down, Stocks Up, Gold Up, Oil Up.

 

 

Charts: Bloomberg

 

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Fri, 08/31/2012 - 10:00 | 2752350 malikai
malikai's picture

Bouncing around like the prom queen with the football team.

Fri, 08/31/2012 - 12:08 | 2752972 Zero Govt
Zero Govt's picture

is there a DVD of that?

Fri, 08/31/2012 - 10:01 | 2752351 tocointhephrase
tocointhephrase's picture

Talk is cheap!

Fri, 08/31/2012 - 10:04 | 2752364 fonzannoon
fonzannoon's picture

Well there it is, no qe....now all the same networks and news outlets that blasted it was coming for months are saying how obvious it is that he would not announce anything here today....but hey ratings would have been in the shitter if they did not pump it up.

Fri, 08/31/2012 - 10:04 | 2752362 Temporalist
Temporalist's picture

Lulz gold and silver...who could have predicted that?

Fri, 08/31/2012 - 10:08 | 2752407 fuu
fuu's picture

They could have at least switched up the time a little.

Fri, 08/31/2012 - 10:22 | 2752507 Temporalist
Temporalist's picture

Looks like somebody did see that coming and...BTFD!

Fri, 08/31/2012 - 10:04 | 2752363 DeFeralCat
DeFeralCat's picture

Thanks Ben for releasing before your snoozer of a speech that you are not doing anything.. Bring on Labor Day weekend!!!!

Fri, 08/31/2012 - 10:05 | 2752367 jjsilver
jjsilver's picture

And the usual waterfall decline in gold and silver

Fri, 08/31/2012 - 10:05 | 2752368 Flaming Ferrari
Flaming Ferrari's picture

Yesterday's sell off was a clear BTFD for the Bernank today. Not often markets (or IMF ) give even such an easy one. Question is do you hold for QE or cut for a quick turn.

Fri, 08/31/2012 - 10:06 | 2752373 TWSceptic
TWSceptic's picture

Gold seems to signal no QE announcement.

Fri, 08/31/2012 - 10:06 | 2752383 Bastiat009
Bastiat009's picture

What is happening to the August gold explosion largely promoted here?

Even when priced in euro (the new twist to always be right even when you're wrong), gold is not exacly exploding.

The list of fools making stupid predictions is growing longer by the day.

Fri, 08/31/2012 - 10:21 | 2752496 fuu
fuu's picture

Look at that thing spike.

Fri, 08/31/2012 - 10:27 | 2752540 Brazillionaire
Brazillionaire's picture

Definition of a fool? Someone who bought physical gold and silver in 2004? It's not a "trade"... it's a decision to get off the sinking ship while the other passengers are still sipping champagne. So far, so good. 

Fri, 08/31/2012 - 10:08 | 2752388 Dr. Engali
Dr. Engali's picture

I wonder how soon the chaos will start. The margin calls and redemptions are surely coming soon.

Fri, 08/31/2012 - 10:06 | 2752389 urbanelf
urbanelf's picture

I'm continuing to monitor the situation, ready to buy more physical should my own personal economy require it.

Fri, 08/31/2012 - 10:06 | 2752391 orangedrinkandchips
orangedrinkandchips's picture

The Fed is HFT buy-on all day to combat the bad news.....

 

they are the ones who prop this market up.....

 

Cannot help but feel there is a number out there like Enron's 48 mark(somewhere around there....) they knew it was "curtains rocky, curtains" after that......

 

prop it up Timmy.....

Fri, 08/31/2012 - 10:09 | 2752410 DeFeralCat
DeFeralCat's picture

It seems like they threw all the European "bad bank"noise in front of this to limit the downside.

Fri, 08/31/2012 - 11:54 | 2752918 LawsofPhysics
LawsofPhysics's picture

Ben must keep the government (read military) funded.

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