Who ever said that the FED was trying to "manipulate" the stock and bond markets? Are you serious? Another conspiracy theorist on ET . . . What a shocker. As for technical analysis, anyone that was worth their salt had resistance at the 21-day MA today at 1383.25 which happened to coincide with a 61.8% measured-move of the initial leg up (60.87 points) from the 1322.25 low on Monday which gave you a target of 1383.12 ( posted the other day on another ET thread ). Today's intra-day high: 1385.85
It's pretty simple actually . . . The rating agencies have been late to the "party" in trying to QUANTIFY the value of these mortgage backed securities, as has been Ben Bernanke.