Transparency

Welcome to the new world of Fed transparency ! Yet more talk and no action, but this time two opposing views from Fed Heads !! Such is the noise we are subjected to. Perhaps the most telling market action is that on the release of comments advocating more Fed QE later in the week, the market did not reach it's previous days highs. We feel this is a drawn out topping process, especially in light of yet more deteriorating economic numbers and a spike in the vix as predicted. We do have to be aware of a possible co-ordinated  central bank 'shock and awe' move, but until this weeks level of 1427 is broken we will continue to hold our short position.