12pm update - quiet day of QE

The market remains in a very quiet mood. Earnings are coming in 'reasonable', and there is seemingly nothing (other than profit taking) for the bulls to be concerned about. All primary cycles are outright bullish, and the sp'1800s look viable by mid-November.


sp'daily5

Summary

With a very large QE of around $5bn today, equity bulls once again have it all their way.
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Utterly pointless on the short side. Even those hoping for a post-FOMC sell off, will be lucky to see 2-3% retrace, and even then..why would we?

Far from threat of QE being reduced, there is actually increasing talk of it being raised. Housing data wasn't exactly inspiring today.