Bullard: Wait, Did I Say That?

Not that futures needed any help melting down this morning, but Jim Bullard just poured gas on the fire. Yes, Jim Bullard! The Fed president who never had a hawkish thought in his life.

Then, he trashed the Fed’s most nonsensical policy: throwing $40 billion per month into the mortgage market when mortgage rates are already at all-time lows.

Bulls better hope that ES can bounce at our next downside target: the 50-day moving average currently at 4174.

It appears that algos are finally being given the green light to (drumroll please) decline.

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