So the ECB kicked the can down the road, hoping that Germany will buckle in September when faced with the choice between the financial armageddon of european disintegration or a fiscal union with serious money printing a la the USA trying to ward off debt deflation while still protecting the banks.
Meanwhile, the Fed does something interesting. I was blindsided and lost all the profits I made yesterday when I re-entered bearish positions after their announcement. Where was QE3? nowhere, or so I thought… I thought we’re headed down — and the first hour after the announcement that seemed to be true. But the roar back is probably not dumb money (I was the dumb money).
For an excellent analysis of what the Fed did today check out a guy named “Trader Dan”: Got gold?