The FOMC minutes precipitated a drop in the markets.
Gold and some of the miners were hit hard, with silver, bonds and stocks down to a lesser extent. The US dollar rallied.
The rationale was that there would be no QE and that perhaps the FED would raise rates. Given the recent data from income tax receipts and wages this appears to be more a fantasy than a sound fiscal policy.
I don't expect this to 'stick' especially in stocks. These moves have the appearance of perception management and the usual trading desk antics.
The spokesmodels were rather eager to twist this into an endorsement by the Fed of 'the recovery' and did the segway to 'buy stocks.'
Bernanke and the Fed have given themselves over to the monied interests. They are no true regulators, and serve only themselves. But the same could be said of those who have taken the oaths of regulators, who sit idly by while the people are cheated and their savings are stolen.
Wall Street is desperate to hand this rally off to the retail buyers. Without volume it cannot continue without becoming increasingly unstable.
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