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The Fed did not expand its balance sheet again this week. Fed credit dropped by $1.8 billion. However, Fed credit funneled through the Primary Dealers rose by a couple billion and the Treasury let the market off the hook by only settling $1 billion in new debt. That set the stage for this week’s stock market meltup. I suspect that a massive wave of short covering also provided much of the fuel. The combination of light pressure from the Treasury and heavy short covering are not sustainable for long. Click here to download complete report in pdf format (Professional Edition Subscribers). Try the Professional Edition risk free for thirty days. If, within that time, you don’t find the information useful, I will give you a full refund. It’s that simple. Click here for more information.