Herds keep following, and mostly in fear.
Today we're basically back to August 2 and the debt ceiling fiasco, falling then from the 1260 level and rising to it now.
This is a market longing for the days of QE II in late 2010 and early 2011, but it isn't happening, probably because Ben Bernanke doesn't want to be accused of getting Barack Obama reelected.
But all that QE really could do was reproduce a high level around 1360, last seen in June 2008 before all hell broke loose. 1560 might as well be Mt. Everest.
One false move and it's . . . say . . . 575.
Weeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee!
Splat.
