Shadowtraders

On Thursday Fed Chief Ben Bernanke delivered his testimony to Congress. Everyone sat on pins and needles waiting for what he would say. The pundits on CNBC were chanting QE, QE, QE. And then it happened…”No change in policy unless conditions deteriorate further.” The wait was over. “Great Expectations” unmet. No “QE”. To the Market, a great disappointment as it fell quickly. But hold on. Let’s go back a couple of days and look at the activities right before his testimony. Could this have been just a setup? (more…)