You know a market is tired and running low on buyers, whether it be shorts to cover or longs to initiate, when unlimited QE is announced and markets trade as if it is a summer holiday shortened week. That is exactly what we seem to be getting. Adding to the proof this market is tired, is that the two biggest doves in Charles Evans and Bill Dudley were extremely vocal today about not only the current Fed policy but the ability to offer even more. Yes, apparently the Fed has a way of extending unlimited.
Traders simply do not want to sell long positions as indicated by the lack of volume in down candles. Nor does anyone want to buy at current levels. But as the closing bell approaches, many are forced to buy. As a result the past two sessions were met with a buy side bias into the close. And on relatively heavy volume.
