Still reaching for that high note. Looks like 1200 may just be out of reach, and a big inhale is coming soon, maybe short of resistance at 1190.
The Fed still seems to be following the policy of blowing an asset bubble, and then using monetary policy to clean up afterwards. I had hoped they would have learned their lesson after the housing bubble, but that is apparently not the case.
The Fed is doing the same thing over and over, and each time they run through a cycle of bubble and collapse, more wealth is transferred from the real economy to a few oligarchs, and the result of the collapse is more debilitating on real production and jobs.
I don't think the Fed can stop, because they are fearful of the results. And their owners like the status quo. Obviously I cannot know how far the bubble can go this time, and it may just be an 'echo bubble' since the real economy seems incapable of responding to it. The next leg down will shake things up.
I am thinking they will do a 'wash and rinse' with short term reversals in stocks and bonds to churn up the specs and generate some fees and some food for the trading desks. But it will probably not break key support unless 'something happens.'
The Wall Street demimonde in the financial media is drooling all over themselves for Dow 11,000 which is an essentially meaningless number, but important as a lure to bring mom and pop back in for another shearing. Wall Street is the very definition of 'useless eaters,' but what they consume is the vitality of the nation.
Addendum at 3 PM EDT
The NDX is failing to surmount resistance.
I just put some shorts back on the US stock indices to balance my metals longs.
