BEN AT WORK
Those that don't may be shunted to the side and quickly forgotten, but with volume still incredibly light, POMO has a greater impact certainly. Monday featured another $7.79 billion action which lifted stocks almost immediately off their lows. A coincidence? Hardly. This rally has been "Fed fed" since September as Ben has stated he "wants" higher stock prices. Fed governor Janet Yellen stated Monday in a speech she expects the $600 billion QE2 program to continue until June -- so print away!
Earnings are on tap and they could be great. Guidance and outlooks will be more important since no doubt all companies will "beat" and report "better than expected" reports.
Markets are more U.S. focused then we've seen in awhile as troubles continue to plague the euro zone, economic issues linger in Asia and emerging markets in general. After the close, Alcoa reported earnings that beat on headline operating earnings but good luck wading through all the charges. Stocks were down sharply early and then came off their lows after POMO was announced and results posted. Also Yellen's speech continued to give a green light for bulls. Breadth was flat to mixed with tech outperforming.
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