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You indicated Chris was trying to 'prove' something. He did offer evidence in the form of the graph, which you denies shows anything. I think you are over constraining the requirements by asserting that the rises and drops should be perfectly aligned with the beginning and end of QE sessions. If we are to assume that there is no insider information in play that might be a somewhat more reasonable assumption. But we know that there are massive dissymmetries in information in these markets. Well, Lucas and his lot would disagree.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Thu Jan 15th, 2015 at 12:07:27 AM EST
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Also, the intensity of QE was not constant. If I recall correctly, it slowed down quite a lot before being stopped altogether.

Earth provides enough to satisfy every man's need, but not every man's greed. Gandhi
by Cyrille (cyrillev domain yahoo.fr) on Thu Jan 15th, 2015 at 05:30:37 AM EST
[ Parent ]
Another confounding problem.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Thu Jan 15th, 2015 at 11:15:55 AM EST
[ Parent ]
What's confounding is to draw a calendar and mark this or that date as the start or end of QE. One would have to at least look at QE purchase volumes.

A society committed to the notion that government is always bad will have bad government. And it doesn't have to be that way. — Paul Krugman
by Migeru (migeru at eurotrib dot com) on Thu Jan 15th, 2015 at 12:27:50 PM EST
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A good stock and flow analysis could tell a lot - if the data were available.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Thu Jan 15th, 2015 at 05:06:43 PM EST
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