NEVER A DULL MOMENT IN THIS DULL MARKET!
The market will continue to rally wildly about anything and nothing...as long as it stays within the current ranges of 10,600 to 11,600.
Any move out of that range will be met with instant selling/buying to "restore the range."
But fear not! It will all be very exciting...with plenty of hyper-ventilated news reporters, and news stories along the way.
The real questions, sans the hype, that are being resolved are:
1. IS THE WORLD AT WAR.
2. WILL OIL KEEP GOING BEYOND $80.
3. CAN THE DOLLAR BE SAVED, BY GOLD BASHING ALONE, WITHOUT RAISING RATES TO BUBBLE KILLING LEVELS.
4. IS THE REAL ESTATE BUBBLE IMPLODING.
5. CAN THE AMERICAN CONSUMER CONTINUE THE "MIRACLE OF SPENDING" WITHOUT JOBS AND WAGE GROWTH.
Oh, and Bernanke...? He's really more or less irrelevant now...except to the Wall Street Hypsters and their spin machine.
The Bond market will set rates if the FED doesn't.
In fact that's really what's happening anyway...so all this yada-yada about the "pause" is mostly just newspaper nonsense...white space filler during the dog days of summer.
After Labor Day we'll be entering a Brave New World... "Rethink" will be the name of the game...and it could get very interesting.
