Sale Pending

I close my eyes
Only for a moment and the moment's gone
--Kansas

A week from today promises to be interest for financial markets. Mid-term election results will be in. Plus, the Fed is expected to announce specifics about QE2 as part of its FOMC confab.

An article in today's WSJ estimates the size of QE2 at 'a few hundred billion dollars over several months.' Many believe this is a trial balloon figure leaked by Fed sources.

Seems to me that the over/under here is currently ~$500 billion based on commentary I've read. In other words, half a trillion dollars are likely already baked into the market cake.

While a number higher than that may rally 'em for a while, I continue to sense that the election/QE2 confluence will be sold.

position in SH, Treasuries