Essentially...Wall Street now has the MOTHER OF ALL FED PUTS...
And that ain't changing anytime soon... Basically the FED owns the market...gaurantees the market...and is the liquidity provider of first and last resort for the current "new bubble."...
Unless and until the market is shaken in its belief in the MOTHER OF ALL FED PUTS....nothing bad can happen on Wall Street...
My hunch is that the put holds...the market will stay range bound for some time....
Some outside event will need to break the log jam.... Complacency is what this market is all about...and the cocoon of the Bernanke Put...is protecting everyone... Trading the Trading Range is what its all about now...
