William Dudley, head of the NY FED said the FED's asset purchase would be more aggressive than that suggested by Bernanke if economic growth and the labor market turn out weaker than expected.
The markets loved that as evidenced by to day's action on the NYAD...opened at 8.00 (wildly bullish) and is actually above that at 8.30 after a brief pullback and the DOW is back above 15,000.
The VIX is down a modest 4% and volume is thin, a likely sign that not everyone is convinced the rally has legs. The P6 and the RSQ are still indicating cash.
The X sectors have now pushed into the top slots in the market neutral model (live update shown) and what's of more interest is that both equities and bonds are back to moving in sync (both good and bad) as can be seen by viewing the TrendX charts of the SPY and TLT (20 year treasuries).