The really remarkable thing about markets this week is how placid they’ve been.
We’ve already gotten a ton of news on the economic front (two strong ISM reports), a massive election that marks a sharp reputation to the party in power, and now $600 billion of new quantitative easing.
And really, we’ve gone nowhere. The stocks are up just less than 20 points right now. Not that big of a deal. Yes, the 30-year got slammed, but it’s back to where it was at the end of last week.
The euro hasn’t moved all that much against the dollar. Neither has the yen.
Maybe there’s something to this “it was all priced in” argument. It was all priced in perfectly, apparently.