Promises, Promises

Second time around, I'm still believing
The words that you said
You said you'd always be here
--Naked Eyes

After last week's dovish central banker chatter, the FOMC and ECB meetings have come and gone with no movement toward easier policy. Thus far, domestic stocks have largely shrugged off the lack of CB action.

This suggests that there's an awful lot of hope out there. Of course, hope springs eternal for addicts. The next fix is always just around the corner.

Hard not to wonder what happens if/when this hope leaves the tape.

position in SPX