If the economic reports are good, we can buy....
If the economic reports are poor, we have the Fed backstopping the markets, so we can buy.... (the moral hazard argument)
Conclusion: The market is a one sided bet, and hence we are bulletproof. Information is just details.
Summary of David Tepper theory. [Sep 24, 2010: [Video] Appaloosa David Tepper - Ben Bernanke Will Make Everything Go Up in the Can't Lose Environment]
After a month long break market players are back to the mantra.
Let's see if the 10 AM ISM Non Manufacturing is enough to get us back to green now that all the morning's losses have been erased.