Central Bank Rally

The central banks are winning.  Everyone knows that earnings were bad and the economy is getting worse but with central bank backstops, the market can't stay down.  Everyone knows that QE3 is not a matter of if, but when.  Same with ECB bond buying.  So until we get QE3 or ECB bond buying, the bulls will always have a positive catalyst.  It looks like its just better to wait for Banana Ben or Super Mario to save the world and then short.  I expect the market to drift higher until the FOMC meeting on August 1.