As expected, the US Federal Reserve did not launch a third round of quantitative easing. It merely extended Operation Twist - buying short-term debt with the proceeds of selling long-term notes - till the year-end.
The markets had already discounted this. So, it was not a surprise to see the Hang Seng Index consolidate yesterday.
Actually, I hope there is more correction in local stocks. So we can then go bargain hunting when the Hang Seng Index dips below 19,000.
Germany may yet agree to allow the European Financial Stability Facility and the European Stability Mechanism to save troubled euro members.
If this happens, stocks around the world would rebound sharply till the November US presidential elections. Let's just wait for the signal to buy equities. Dr Check and/or The Standard bear no responsibility for any decision made based onthis column.