Wednesday, November 3, 2010
A 26 Point Dow Gain
When all was said and done today, the Dow eked out a small rise -- indicative of the magic powers of QE. I suppose we've become somewhat jaded about money. At first blush $600 bln in announced asset purchase plans by the Fed seemed to be a non starter (smallish) and the Dow fell. But on second thought, the market managed to recover. $600 bln is $600 bln after all, and we all know that in the end the Fed will print unlimited dollars to buy the stuff that its buying. So it was, have no fear, Bernanke is still here, and thus the marginally higher stock market. I think I smell 11,250 in the cards, assuming something doesn't blow up.