Obama would be the beneficiary of Fed Action, and I've heard Dimon come as close as he possibly could to saying he would not be supporting Obama...I now there probably aren't many simple strait forward linkages but Merkal and US bankers have to be considering the long term costs/benefits of 4 more years of Obama
True...they probably can't announce QE3, but I'll be watching the Fed POMO to see if there has been any change in bond purchases. My gut feeling is telling me that Ben will make every effort he can to keep Dimon and the other banksters happy.
Fed won't do a QE3 before election. Its hands are tied and you won't see the Fed take any action until after the November election. Anyway, Ben is pretty much out of bullets and he can't do a thing about the Europe disaster. We are in the best of all worlds now playing (and if so brave holding) UVXY for the next several months.
Plus if you take in all financial news reports now, China is getting almost as buv bad PR as Spain. As in China bubble about to POP.
If it were to trade down to those levels, don't you think it would sell off harder to a lower level such as 1200-1220? To get to even 1270 would require a breach of the 200 DMA, and usually when that happens, it's a huge sell sign and the market throws in the towel and sells off hard.
Sure from a technical perspective yes
But there are simply no buyers right now
Even in 'economic indicators' such as copper, things are ready to break down. There was very tepid buying in the low 3's which gave it a temporary pop...not what you'd expect if it were being viewed as a 'great buying opp'. Copper is about ready to flush lower unless we artificially create economic demand.
The world needs to work through some HUGE issues which takes time.