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[nimblebear]

Fed needs much more data, and despite any market panic, its too soon to discern direction. (for the Fed that is, but not for the rest of us who know the economy is rapidly plunging into the next recession in earnest). Earnings too have peaked for this cycle. Just check out a chart of CAT, as a proxy for the entire Dow.

That is all you need to know for the rest of summer. Europe, Japan, China, India all have their problems too, and which may in fact be worse, but those aren't the determinants for the Fed to ease.

Bonds are screaming for QE, but probably know they aren't gonna get none either.

Frankly the Fed can't hold this together, they probably know that too, so QE now would be a non-starter. Maybe better to wait until 2013, and then someone other than Ben can do it.

For QE to be at all effective they probably need to wait until the other economies just mentioned above to show any signs of a bottoming, then rebound. They are hoping among hope, that those respective countries indexes don't all break critical support levels.

We've all seen how hope and change works.

To the markets I say : AMF !!!