Good morning. Futures are sp+4pts, we're set to open near yesterdays high of 1463
Retail Sales: 0.9% for August, a touch higher than expected
Bears sorely need a reversal today or early next week. I'm sure we'll get one soon, but the down move most likely won't be too much. Even a move to 1420 looks like the best bears will get.
In retrospect, what was announced by Bernanke yesterday was pretty staggering.. a 1.2 trillion QE3 package, spread across 15months..with no end date as such. All things considered, its surprising the market didn't rally 5%.
Its clear that most people just simply don't comprehend the scale of what the Fed are going to implement.
We have much more data to come this morning, so stay tuned!