Nevertheless, there is one issue the market should be wary of. As Zero Hedge noted on Tuesday,  the Fed’s purchase timeline is quickly running short. Having originally committed to $300bn worth of Treasury purchases, the latest auction on September 1 brings the total sum purchased since March to $276.3bn. This leaves less then $25bn for future auctions. As to what that implies, Zero Hedge commented:
As Zero Hedge discussed before, this total will be used up in the next 2 weeks. What then? All of a sudden the invisible bid under equities is looking very, very precarious.  And here is a graphic representation to either D-Day for equities or to QE 2.0

Which seems to suggest that when the Fed QE drip-feed is shutdown come mid-September, no-one can really be sure of how markets will respond. This is all the more the case if you consider how closely correlated the US equity market ‘recovery’ has indeed been to Fed purchases:

From his communist mentor Frank Marshall Davis to the unrepentant domestic terrorist Bill Ayers, Barack Obama has always gravitated towards people holding radical leftist views akin to those of Zelaya. He eagerly promoted leftist ideology as an ACORN activist and later when he taught and developed theories that opposed the American system of individual liberties in favor of unsustainable group entitlements at the expense of producers — theories that advocated placing the people under the controlling “care” of the state.

The important fact about modern-day anti-Americanism is that it spreads almost exclusively among impressionable cultural elites who are most exposed to ideological clichés delivered through media and educational channels.

Thus, Oliver Stone is reportedly making a documentary about Hugo Chavez, whom he describes as an “energetic, principled champion of change in Latin America” and hopes, in Stone’s words, to “capture the spirit of his drive to roll back U.S. influence.” The ability to claim originality while working for decades from the same moth-eaten template makes Mr. Stone an Oscar-winning genius. Is there a chance that in the process of glorifying what he calls the region’s “liberation from the United States,” the legendary director might display authentic originality by interviewing, not a leftist, but a hero of anti-Marxist resistance? Can the devastation inflicted on Latin America by socialist policies persuade Mr. Stone to look beyond the worn-out clichés? We can only wish.