The media and the bears are saying that the market has risen this week in anticipation of Jackson Hole and QE III. The bears are adamant that we will not see QE III and that the bulls will be disappointed. I agree that we are unlikely to see QE III or any prelude to QE III, but I don't agree that the bulls will be disappointed.
I have yet to see a single bull say they are buying in anticipation of QE III and all I see is put buying every day. If anything I believe people are worried about Jackson Hole. If the market sells off on Bernanke not announcing QE III I believe it is a buy. Europe is what keeps me up at night, not a lack of QE III.