At best, a more or less sideways trading affair might develop over coming days and weeks, while a pullback to the vicinity of April's lows eventually could materialize, as well.
For the moment, though, given the McClellan Oscillator's relatively deep negative state and the measure's 5% and 10% Index declines to neutral readings, last week's NYSE Composite Index low appears relatively safe.
So, you can pass the time listening to all the banter you choose about the Fed's QE plans, yet have no doubt about what's ahead. The Fed is dead. Confetti never had a chance. King Ponzi (Greenspan) saw to that.
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