Blackhawk Ben Down: Stocks Have Now Faded QEternity

Blackhawk Ben

8 days after the rapturous calls of all-in ‘Ben’s got yer back’ so buy-everything (coz retail will support you now and don’t forget the beta chase?), the S&P futures have fully retraced the 40 points of S&P spikeworthiness that Ben’s FOMC QEternity statement provided. Treasury yields are already notably below pre-FOMC levels, as is Oil; and the USD is higher – as Gold holds gains too but is fading.



We can only assume that with all pretense of surprise factor gone now Bernanke has shot his wad, fundamentals (earnings) do matter once again…


and where to from here… 1417.75 then 1398.25 next in ES Dec12…