Thursday, September 24, 2015
For heaven sake, QE is long over and we’re still waiting for Yellen and company to raise rates a measly .25 percent. Is that really too much to ask? Probably not, but we’ve got one seriously henpecked bunch of bankers scared of their own shadow, aka the stock market.
And while all this is happening I sense many of us are simply getting bored with a market so Fed dependent on their cheap talk that nothing else matters. That’s other than that algorithm set to capture every nuance of every pathetic word.
And then there’s China! Look, we really don’t know what’s going on there on any given day. We do know the market hates the unknown, even if it has little relevancy to our every day lives. Besides, tagging volatility to something other than a dense Fed and an expensive market is the American way.
All the above is almost enough to make you long for the days when Alan Greenspan’s doubletalk played second fiddle to the size of the leather portfolio he carried to every Fed meeting. At least as far as CNBC was concerned back then.
This nonsense aside, retesting the SPY August low down to 182 and then some remains the dream for both bulls and bears alike.
Posted by SteveZ1