As we tweeted earlier, the mainstream media now has its headline for tonight. As earnings look likely to be a disaster, and with nothing but a 3 month can kicked to the next farce in Washington, it is likely becoming just too plain to see for the world that US equities rise on the basis of one thing and one thing only, and the Fed speakers today confirmed that the un-Taper is off the table (as gold confirms).
- *S&P 500 CLIMBS ABOVE INTRADAY RECORD TO 1,730.12
As we noted...
Need record S&P high for MSM to proclaim "markets soar to record on debt deal."
— zerohedge (@zerohedge) October 17, 2013 [2]
and sure enough...
[3]
The question - obviously - is... what next? This lift off looks awfully similar to the Un-Taper ramp and we know how that ended...