We had so many other things to say today but as we woke up, futures are flying. The first thing we thought was another announcement of printing of money. And away we go. Japan, who we believe has been printing and easy for about 700 years…announces an additional monster amount of printing. This was no accident. This was a coordinated effort to get the gravy train continuing as our Fed could not go back on their word of stopping QE…so someone else picked up the slack. Money printing is a worldwide, coordinated effort. They refuse to let the markets trade on their own. The corporation called “Government Run Markets” just expanded. We will give this company the stock symbol GRM.

Major indices are amazingly gapping up to or just above old highs. We have now seen the mother of all V-Shaped moves. We have told you that no matter what the markets look like, if they surprise and expand the money printing, all bets on the downside would be off.

Now that everyone is frothed up, just a last little word to the wise. The recent nauseating drop ended with a big gap to the downside and a gargantuan reversal to the upside.

Weekend report is up next.

The Fed will start another round of money printing on any real weakness in the markets. Count on it!

Every 10 cent drop in gas prices is $10 billion back into the economy. There is no bad news in this story. Biggest beneficiarys are airlines and truckers.

Much talk about this v-shaped move in the market failing. Not so sure. Easy money works. Still finding many more stocks and groups in the negative column than in the positive column…even with this recent move up.

Gold and silver sink deeper into the abyss. The gold bugs never give up though. Rule #1…never fight the trend and for the better part of 3 years, these areas have been bearish.

This administration remains a jumbled mess. Blasting the head of Israel while currying favor with Iran…different rules for different people on Ebola…a refusal to do what’s logical to protect the folks…a clear disregard on transparency and the treatment of any one who has a differing opinion…and that’s just this week.

Speaking of this administration, they are now looking to lower the standards on getting mortgages with some mortgages with just about no money down. Yup…that’s worked well before. Insanity continues to rule the day in Washington.

In case you forgot, an election will be held next week. My bet is the Republicons take the Senate over the Democraps. Nothing will change though as this Prez will enact whatever he wants. Never knew a prez could have so much power without the house and senate.

Watching my Knicks down 33 points to the Bulls as I write this. Just another crappy year coming up. Chicago is stacked and if they stay healthy, they win the east over the Cavs and lose to the Spurs in the finals. The Spurs are that good.

When we thought a near term low was in, we expected a bounce over time into resistance. Instead, it has been a rompin stompin bull move. This rates a big wow. Only in a QE market can you get a long topping process that leads into a market top that leads into a mini-meltdown…a big reversal and a straight up move.

As technicians first, this is outlier stuff. We now have the Fed today. Markets, in the short term, have gone from massively stretched and oversold to the downside…to massively stretched and overbought to the upside. We would love to see some backing and filling to work off some of this heat. But in a QE market, anything is possible.

Most all indices are not just above longer term moving averages but are now above the 50 day. Again…wow! More to come after the Fed announcement.