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Morning Market Briefing – Wednesday- 10/09/2013

Tuesday was a rerun of Monday, the US equity markets sold off and almost everything ended the day in the red because of the politicians in Washington. The selloff however was once again without conviction as the Bernanke Put is still in place. Additional new news (that was old news and expected) was released yesterday, and that was that Janet Yellen is going to be the next Fed Chairwoman. Unlike Bernanke, Janet is not expected to use a helicopter; it’s too slow and can’t drop the amount of money that she feels is needed. Janet will most likely be using a B-52 to carpet bomb the economy to new highs.

The charts have all broken the trend line and are pointing to lower lows and lower highs.  But hedge funds and gamblers are having difficulty selling this extremely fat market knowing that the Fed has their backs. No matter how bad the politics are or the economy is, everyone knows that you can’t fight the Fed and its army of printers.

Today, with no new bad news, the market is pointing to a slightly higher open. The market, even more unsure of itself than the previous day, is still waiting for a signal (tapering).

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