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Dream Of Fed Intervention Trumps Real Data

It's been kinda funny watching the market roll over the last couple of weeks, having peaked the day after QE∞ was announced. We have seen genuinely good news over the last few weeks - a couple of positive jobs numbers that beat expectation, and a good retail number that beat expectation this morning - and each "positive" report has been met with selling shortly thereafter. Real good news is proving less potent than the promise of forthcoming Central Bank intervention. Now that Bernanke has fired the bazooka the market is unimpressed by decent actual data.

Both High Yield and Emerging Markets have held up okay in recent weeks. Let's see if their recent strength with serve as a cue that the S&P can hold the 50 day.

Disclosure: I am short QQQ.