Well, I guess last Thursday scared Powell, who has redoubled his pledge to buy up corporate bonds with impunity. The billionaire Larry Fink, the direct beneficiary of the Fed’s largess, couldn’t be happier. Here is the chart for the Investment Grade Corporate Bond ETF (NYSE:LQD):

LQD Chart

LQD Chart

The market has gone up the equivalent of about 1500 Dow points since last night. The ES chart shows the upward trend clearly:

ES Chart

ES Chart

However, I’d like to caution you Perma bulls that this doesn’t look like the beginning of a brave new market to me. Overhead supply is looming, at least in Russell-land.

RTY Chart

RTY Chart

Equities Head Higher After Fed Details Bond Buying Plan. Permabulls Beware

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