Wow: Fed Keeps Printing; Market Surges

Who wudda thought? Maybe Ben wants to keep his job now that Summers has withdrawn.

But we have learned something.

The Fed has been buying $85 billion worth of bonds each month.

"The market" consensus was that the tapering would result in $75 billion worth of bonds.

So, now we know: going from $85 billion to $75 billion was worth almost 200 points on the Dow and almost $3.00/bbl of NYMEX crude oil.

Nice data points. The Syrian risk premium was neutral at this time; an O'Bama strike was off the table.