Tragically leveraged Wall Street certainly tips its hand mightily, rabidly anticipating trillions more it needs for chasing dramatically shrinking yields, that the bottomless hole left by a still-spiraling-out-of-control securitization regime might be patched — bridged — for a short time. This is the nature of what they call a "liquidity trap." You just never mind this is caused by a mountain of non-performing assets marked to make believe!
Seeing so much fervor for QE, and so little apparent concern for fraud in the fast lane to public consciousness (as in Congress) ... it's hard to imagine the Fed doing anything but disappointing those who apparently believe this moment's highly correlated global charade can be extended, despite its leverage simply overwhelming Western central banks. Consider this in the framework of a less-than-Fed-friendly Republican House of Representatives but weeks away. How much more QE can be counted on over the interim, really?
If the stock market does not roll over and die tomorrow, then the wave count above (extending out the rising wedge's wave iv) leaves the door open for another day or few levitating much the same.
Otherwise, end to an a-b-c corrective wave off late-June bottom came this morning and many a nasty surprise awaits...
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