The other huge news was the Federal Reserve’s meeting and its announcment that it will pursue another $600 billion of quantitative easing, commencing with $75 billion per month. The general expectation among traders was something in the ballpark of $500 billion. The market whipsawed around like a drunk college kid after the announcement but then settled higher as usual. It’s hard to see the market continue to go straight up after this without at least a decent correction to keep investors honest. It is usually a red flag to see it this easy to make money on the long side.
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