Remember, I’ve been talking about the possibility of a melt-up going into options expiration next week as the nears are in about perfect field position to do a record-book ‘running of the shorts’? (Maybe you don’t get Peoplenomics, but it was there in a recent ChartPack…) The Fed meeting yesterday was - also as predicted - a non-event. Except for this one little part of the FOMC statement:
“As previously announced, to provide support to mortgage lending and housing markets and to improve overall conditions in private credit markets, the Federal Reserve will purchase a total of up to $1.25 trillion of agency mortgage-backed securities and up to $200 billion of agency debt by the end of the year. In addition, the Federal Reserve is in the process of buying $300 billion of Treasury securities. “
They might have just as well put a sign out front that said “This Casino is rigged! Come on it - everyone’s a winner! Step right up!
And so, the price of gold is up over $950 again this morning, silver is back knocking on the door of $15 an ounce, and the futures are up like crazy. Why, at this rate, I may have to send in some dough to my brokerage outfit so I can go short as soon as the upside stampede gets ready to set new high water marks. More...
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