As the worm turns–and the quarter ends.

The machines are very busy today. Every ten minutes or so there is a sizable buy program that runs out of Chi-town. The TICK is beginning to look like the Stochastic Oscillator! This is the same buy program profile seen during the entire low volume snap back from the reality-based selling in response to world and domestic events. You know what they are.

Those programs were run in earnest once it became apparent that consumer confidence was shaken by oil prices. Duh.

Today, FED-Head Bullard presented in Prauge and talked meaningfully about ending QEII early. Imagine that, a well thought-out presentation highlighting some truthy truths. But the market will have none of it. After all, it is the month and quarter end. Money managers/machines must mark-em-up and protect performance, especially since QE is still underway.

The day began a bit differently, with the dollar up and commodities of all stripes lower. But now everything is up for the quarter end celebration. The dollar, silver, gold, oil, even copper, which has been sucking, all up on the day. Volume is again silly-lite. But the long-term trendlines are intact and that is all that matters to the technical traders who glom onto the trending POMO-fed machines.

As I said yesterday, the “smart money” continues to bet that QE will go on for a long time. How else will consumers know how well they’re doing? How else will the government fund its wartime needs? Enjoy!