There are very few guarantees I can offer on this blog, but here is one of those rarities: November 2nd and 3rd are going to be insane. The twenty-four hour period between 5 p.m. EST Tuesday and 5 p.m. EST Wednesday are going to be simply bananas.
Why? Simple: on Tuesday there are the mid-term elections, and the balance of power in government is going to be the focus of intense speculation and attention. Then – at long, long last – the jeanyuses at the Fed will unveil QE2 in its resplendent glory. At least I hope they do. Because if they don't, it's going to be prolonged torture for everyone.
Yesterday morning was, in my opinion, a miniature version of what November 3rd is going to be like. Yesterday we got a small "sell the news" event. The real McCoy from the FOMC will hopefully get this QE2 crap out of the way once and for all, and will help clear the air for some real market action.