But, SPX can’t even pick up a full 1% on it? Just how long is everyone? Ben must be scratching his head? How can he do his favourite thing (printing money and buying bonds from banks) when the data isn’t helping his cause and more and more people question whether ZIRP is beneficial to the economy as a whole, and more people realize that all QE does is encourage the banks to buy what the FED is QE’ing, since its easy money for them.
With more data coming out, Europe about to go home with knowledge that Greece will be “solved” next week, and US markets headed for an early close as the super bowl calls, we could continue to drift higher, but with a big positive surprise out of the way, muted reaction, and QE possibly called into question, market looks like it could be fragile.