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Ahead Of Ben's Big Speech - Market Is In QE-On Mode (Apart from FacePlant)
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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Bouncing around like the prom queen with the football team.
is there a DVD of that?
Talk is cheap!
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.
Lulz gold and silver...who could have predicted that?
They could have at least switched up the time a little.
Looks like somebody did see that coming and...BTFD!
Thanks Ben for releasing before your snoozer of a speech that you are not doing anything.. Bring on Labor Day weekend!!!!
And the usual waterfall decline in gold and silver
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.
Gold seems to signal no QE announcement.
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.
Look at that thing spike.
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.
I wonder how soon the chaos will start. The margin calls and redemptions are surely coming soon.
I'm continuing to monitor the situation, ready to buy more physical should my own personal economy require it.
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.....
It seems like they threw all the European "bad bank"noise in front of this to limit the downside.
Ben promises again.
http://confoundedinterest.wordpress.com/2012/08/31/bernanke-hints-a-more-monetary-easing-chicago-and-milwaukee-prints-disappoint/
Ben must keep the government (read military) funded.