Before I posted that news, the headlines were all along these lines:
The euro hit its highest level in over a year on Wednesday and shares, oil and metals were also on the rise, as confidence in the global economic outlook strengthened ahead of European data and the U.S. Federal Reserve's latest policy decision.
Um....OOOPS!
I would like to know WHAT the heck was making people confident? The unemployment numbers throughout all of Europe have been RISING over the last few months, retail sales have been DOWN, and housing has pretty much collapsed. What the heck is making anyone CONFIDENT?
Oh yeah, get a load of these quotes:
The Fed is expected to maintain asset buying at $85 billion a month when it concludes its meeting later and retain its commitment to hold interest rates near zero until unemployment falls to at least 6.5 percent
Strong U.S. housing data on Tuesday and China's promising economic growth forecast for 2013 also supported the upbeat mood and raised expectations for robust demand for fuel and industrial commodities, underpinning oil prices and lifting copper.
Um....Housing data MISSED! WTF is up with these people?
Oh, but the FED will keep pumping printed money into the market, so all is good.
Just plain stupid.
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