By John Galt
November 2, 2011 – 07:45 ET
(chart from INO.com)
If gold is up, the the Bernank must be speaking today.
At 12:30 ET the FOMC decision will be released and it would appear that they are about to change the ZIRP policy from panic mode to cruise control as they shift the responsibility for inflation and employment growth to the fiscal mess in D.C. and off their list of responsibilities for the immediate future. Add in the fact that they have a larger concern with the pending implosion of the European Union and look for a shift in strategery to blame the politicians for the stagflation and indicate that they are using all policy tools at their disposal, blah, blah, blah.
Stocks should bounce today but there will be little indication of enthusiasm behind the move unless the bounce takes it well above S&P 1254 which is highly unlikely.
Meanwhile, everything stays focused on Greece and the vote on Friday. Buckle up as the U.S. economic data docket suddenly looks irrelevant.