Up and down Wall Street investors were looking for stocks to short after comments made by St. Louis Fed Chief James Bullard suggested QE3 was unlikely.
“Markets seem to be looking for some gigantic action. I’m not sure the data warrants that," he said on CNBC.
The commentary hit the market like a bucket of cold water; one day earlier the Street interpreted commentary in the Fed minutes as a sign QE3 was imminent.
However, if QE3 isn't coming, then the market is overbought right?
Not according to three of the Fast Money pros.
Top trader Stephanie Link, director of research at TheStreet, says just because the Fed doesn’t move doesn’t mean Mario Draghi and the ECB won’t act. Nor does it meanBeijing isn’t about to hit the gas.