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.
Attention now shifts to mid-September catalysts to wrap up the central bank sound bites and sleights of hand.
Lack of buyers has pushed the S&P to an inflection point.
I see no strong plays before Friday, because the odds are evenly weighted between outcomes while low volume increases risk.
With market volume at a five-year low, the few traders left at their desks await news of Friday's Fed conference.
The sector could still rise, but I see the classic signal of a September decline.
With algorithms reacting to every speck of chatter, next week's Fed conference will finally bring things to a head.