I suppose yesterday would rank right up there as one of the more impressive dip buys ever. It was not, as the talking heads would have you think, the market’s acceptance of the taper as no big deal.
From yesterday’s Bye-Bye Ben:
My expectation? Whether they taper or not, TPTB are standing by with buckets of cash to buy any dips that appear.
And, that’s exactly what they did — the better to sell investors on the idea that everything’s just fine, that the market won’t miss that $10 billion/month or any amount they decide to taper.
Just in case the message didn’t get through… today’s a big POMO day. Trade safe.
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The futures are digesting some of yesterday’s gains. Looks like we have most of an A-B-C with the B and C of the C leg maybe down to 1790ish?
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