Price Action in QE of constant liquidity vs. Price Action in conditional liquidity of no-QE. The jawboning movements  is a central bank experiment of vocal commands misleading the market. Valuation are tremendously skewed, along with FED credibility is rapidly deteriorating. A reversion is in the process some know it as a topping maneuver, we use the analogy of a paddle wheel. Screen Shot 2016-03-27 at 3.42.23 PMScreen Shot 2016-03-27 at 3.45.38 PM