20 November 2013

SP 500 and NDX Futures Daily Charts - Fed Minutes Triggered Wash and Rinse

The market was clicking along, buoyed by weak economic news, until the Fed minutes from a month ago came out, and traders hit the markets on QE taper thoughts, despite what Chairman Ben said yesterday.

I think the corruption of some members of the Fed is unfortunate but inevitable, and sometimes barely hidden by the fig leaf of plausible deniability and the 'scientific objectivity' of economics.

The only possible remedy is a surplus of transparency, and not more secrecy and the centralization of power in the hands of a privileged few.  And where offenses are found, the correction must be swift, and forceful in its example. 

As they used to say, Caesar's wife must be above suspicion.

Have a pleasant evening.