ZeroHedge: The Incredible Shrinking Half-Life Of Central Bank Action.
It seems the market - or the collection of pre-programmed heuristic
biases that make up the equity investing public (and machines) - is
slowly but surely realizing the confidence trick that is the Fed's
Quantitative Easing programs.The following chart should clarify
- to anyone placing their gambling chips on the hopes of another round
of easing from the Fed - why the game is up.To wit, the
reverse geometric progression of S&P 500 performance during each Fed
action: QE1 +50%, QE2 +30%, Twist +18%, QE3 & Twist +8%... so QE4 +4%, QE5 +2%, and QE6 +1%...