26 January 2012 at 8:49 GMT
Although, truth be told I fail to see what is actually good about it.
It’s the day after the night before and all is not well. Last night was perhaps the final nail in the coffin of common sense, as Ben decided to print more free cash for another 18 months.
Yes, the FED, as we all know by now have pledged to keep rates at basically current levels into late 2014, in essence devaluing their currency even further and giving “risk” monkeys a brand new tree to climb all over.
We all know the reaction and the aftermath of the decision. Everything higher except the USD. Well done Ben, well bloody done.
Let’s inflate yet another unsustainable bubble and hope that this mess fades into smaller obscurity while you’re still in control, and then blows up again on someone else’s watch.
Couple the decision last night with the upcoming ECB LTRO in a month and there you have the “solution” to the worlds woes... Print, print, print, print some more and then when you think you can’t possibly print any more... F*ck it, print some again.
One word comes to mind (well several do) but for the sake of attempting to keep this clean, let’s just limit it to one, unsustainable. However the duration of this time frame is seemingly getting longer and longer as no one wants to believe that these are not real solutions to problems being faced.
As far as the market is concerned today... well of course when you look at any chart on a day like today, everything looks massively overdone because of the violence and severity of the moves last night.
Having said that though, I don’t have a clean read of this market and will spend today digesting what the bloody hell is actually going on.
Good luck and go buy yourselves new helmets.