It is possible that the market might be encouraged by the prospect of Ben Bernacke not immediately raising interest rates, irrespective of whether this easy money is not supporting any new lending, not to business at least. What else can you do with easy money but speculate. Surely this money is going to end up driving gold prices higher, and probably oil, despite it at some point collapsing due to economic malaise. I would not be surprised if the market shrugs off high oil prices, higher inflation numbers and rallies through resistance.
Andrew Sheldon www.sheldonthinks.com