--Louis Tully (Ghostbusters)
Image below taken from Peter Atwater's Minyanville missive. Pretty much tells all you need to know about the driver behind rallies these days.
As Peter wonders, will the underlying Pavlovian assumption (Fed intervention = mkt rally) continue to be perceived as valid?
postion in SPX
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/charts/metals/gold/t24_au_en_usoz_2.gif)
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If it were really possible to substitute credit expansion (cheap money) for the accumulation of capital goods by saving, there would not be any poverty in the world.
~Ludwig von Mises
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