Maybe I've spent too much time in the basement, but it can't be any clearer to me that we're seeing an almost exact replica of what occurred last year. Last year Ben Bernanke and a "galaxy of Fed officials" fanned out to pave the way for the next round of QE. This year they're doing the same thing. Stocks soared for months before and for months after the implementation of QE2. Now we're in the months leading up to the implementation of QE3 and the stock market has begun to soar again. Yet there are a lot of stock market bears trying to short this market. Look, I'd like to be bearish too, based upon the dismal economic fundamentals. Unfortunately in this case, you can't fight the Fed.
~ Fred Hickey, The High-Tech Strategist, November 6, 2011