[The Big D]

As a follow up to this, today's market action was very interesting. The FOMC announced in effect a continuation of the free money fire sale (interest rates near zero, no bias towards raising them in the future) and the market, having been bid up before the announcement, eventually dropped. Now that's weird - the Fed said the most expansionistic thing they could possibly say, and the market went down as a result. It's a general principle that when the market goes down after the best possible news, what you've got is a bear market.

So I'm still bearinsh on equities, even though I'm seeing more alpha and less beta and the picture is a little less clear than it appeared last week.

As a side note, the FOMC isn't seeing much inflation. This indicates the USD/EURO move we've seen recently is a trade issue rather than a money supply issue.