The weekend showed the EU/ECB/EFSF is still chasing its own tail on Greece. The Greek deal continues to ignite internal social unrest and external precedent fears. US markets are far too volatile to these constantly changing inputs. The Fed meeting and the Chairman's second press conference should be the focus. There are 2 POMOs today and the countdown to halt is on. The Fed acknowledgement of slower inputs and high unemployment sets a weaker tone.
The concept of a large balance sheet and the ZIRP for as far as the eye can see is not confidence boosting policy. Softer gasoline prices and lower rates have helped a tad on Main Street. Our short in oil has finally made it to 91.32. Fiscal policy debates extending into the election next year are keeping businesses in a major holding pattern. The bull market in "leadership-vacuum" is going globally parabolic.