Fed Panic Points

In looking at our Risk On / Risk Off indicator since the March 2009 market low, we see four points where it would appear that the Fed panicked and made big moves.  The last one was on April 18, 2013 when the S&P was at 1536, that is now the break point to watch.  It is interesting that this last panic operation was the most intense of all these points.

The other points occurred on February 2, 2010, July 2, 2010, and June 21, 2012.

It is interesting to note that currncy traders appear now to be moving into the control position.  This could be troublesome for T-Bond holders and yields.