10am update - another day of the same

Good morning. Futures flipped from sp -5pts to open +5pts..and we're back to the sp'1500s again. For the second consecutive day, the metals are especially weak, and both could break the key low from mid-December.


sp'daily5

vix'daily3

GLD, daily

Summary

Why would today be any different?

We have the algo-bots.
We have the Bernanke Bux.
We have the media hysteria.

Its time to embrace the Fed. They won, and are to be congratulated. The reflation IS here, and its happening all across the world. Go look at the world indexes.

What would be truly laughable is if we get a retracement of a few percent, only for most of the doomer bears to get hysterical that 'omg, the wedge is playing out...short..short it all!'

Idiots. Its nothing less than denial of the past 4.9 years of abject failure of 'fighting the fed', but even more embarrassing is the memory lapse of what happened in the POMO fuelled rally of autumn 2010/spring 2011.

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