The Fed's Dudley takes the reigns for today's jawboning efforts. Once again, QE QE QE QE.
As I mentioned in yesterday's audioboo, I think we are seeing end of month/quarter rampage. Looks technically for the SP500 that the 50dma is coming up and could act as resistance. If the market is going to have a larger summer correction, I would expect a bounce down from there.
Of course, Fed jawboning efforts about QE FOREVER seem to be center stage this week. Next week is a holiday week, and I imagine a lot of people are taking the whole week off. Market volume should be light. What's that they say about shorting a dull tape, by the way?
If I had tried to play this bounce and was long, I'd be booking profits before tomorrow, just in case other folks want out before vacation time. Just thinking out loud!
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