Thursday, April 28, 2011

4/28 8:45am

Yesterday's FOMC:
No change in statement vs. last month. Ben is not going to cut short QE2. The monetary base rate of change will be immediately affected by the end of QE, regardless of rolling over maturing garbage into treasuries. Markets respond to rates of change. QE2 is bulling up the base. Here is 26-week rate of change monetary base vs. the DJI.

SP futures just hit their 30-minute M/A.  I expect a bounce here but no new highs.

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