There seems to be a little debate as to whether this is QE3, but I'd have to say it is. It is the first new money in a very long time, and I can imagine the Fed' further increasing monthly purchases sometime in 2013 when they see the US growth rate continue to weaken.
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Summary
Well, I was looking for 'one last push to 1445', 1463 exceeded even my bold outlook.
For those who have been holding short since 1400, today is just another fiercely nasty move. For those who were shorting today...even in the 1450s, today was still a pretty annoying day.
All the smaller cycles are pretty maxed out though, the only issue is what sort of a pullback do we get. Market could easily trade largely sideways for a few days, whilst this new QE is fully apprecited by the market.
I am short, seeking 1420 as first exit.
More later