With QE3, the intraday market has begun feeling free of risk and catalysts.
In this week's overbought condition, be patient and let the market come to your magic numbers.
Looking ahead, patience will be required to profit from this euphoric market.
Although indices rose today, investors are abandoning equity funds, which could leave Wall Street stuck with long positions.
A defensive posture into this week's monetary policy announcements looks appropriate.
The market hovered lower today, awaiting a dose of clarity from U.S and European central banks later this week.
In the months ahead, neither QE3 optimists nor pessimistic fundamentalists are likely to find satisfaction.
But what will happen when reality catches up with wishful thinking about QE3?
Bad news for packaging and transportation increases the odds of a recessionary spiral.
Patterns still are not favorable and the noise-to-signal level is high.