Remember when data mattered? Well, it doesn’t anymore (and hasn’t since the advent of central planning in 2009). Just to confirm that here is Goldman’s preview of tomorrow’s nearly two month delayed, September Non-far payrolls, which will be great no matter what, meaning the Fed remains in charge well into 2014. To wit:
“Any positive number will be discounted because it came before the DC theatrics and if it’s weak it confirms that tapering should be put off longer.“
Seriously, since absolutely nothing can possibly be bad news any more, can Bernanke just tell us what the closing print on the S&P for every trading day until the end of 2013 is (when it will usher in the new year at right about 1800) and then for 2014, when assuming 1 SPX tick for every $3.5bn in POMO flows, the S&P should close out that year at 2100. It’s not like anyone even pretends there is a discounting mechanism left.