So my exegesis posted yesterday about the Fed was right, and my eisegesis was wrong. See how dangerous eisegesis can be? I'll try to be explicit if I'm being an eisegete to avoid confusion.
The Fed made a mistake - I guess having a government paycheck dulls the senses.
Yesterday afternoon we witness some professional level ping pong by the beefers. I wrote a ditty about their antics last year and posted it in another forum. hehehe, it really made some pro-beefer traders angry. And the action of the past few days in many major groups and even yesterday illustrated how accurate the caricature was. So I'll re-post it below.
Song of the times follows (based on the song, "The Grand Old Duke of York") ->
The beefer Duke of Funds
He had ten thousand stocks
He marched them up to the market top
And marched them down again.
Lolol, that ditty gave into my head yesterday afternoon. I sang it in my turret.
PS: I'm still very bullish long term, but short term I think we'll chop awhile until this Fed created mess gets sorted out. My 20% gain expectation this year for the S&P 500 is looking less probable, but still possible if the Fed wises up early this fall. Stocks are still very cheap.
PPS: Efforts to raise the FNMA and Freddie Mac loan limits won't help the low income person, but will help the high income, jumbo loan borrower. I guess DC knows where its bread is buttered. Help for the well off, none for the less well off. Sheesh!