We've heard this before but we need to hear it again.

Today the message comes from Charles Evans, president of the Chicago Federal Reserve Bank. "A number of labor market issues… lead me to think this accommodation will likely be appropriate for some time," he said in prepared remarks delivered at a speech in Washington. In other words, the central bank will keep interest rates low for the foreseeable future. The lack of job growth is the main catalyst. How long will the easy money last? "I think six months is a good time period to say I think we'll have accommodative policy like we have today."

My plan now is to unload the SPY calls, and some of the TNA ETF I picked up (who can resist TNA really?) a few hours ago, if/when we hit 1150 on the S&P 500.

The level is very obvious to humans and computers alike. These are January 2010 highs... those levels have NOT stopped either the Russell 2000 or NASDAQ the past week, so I don't know if it will cause a pause in the rally. Historically it would, but this type of rally is making its own history. (Click charts to enlarge)

I am not going to make a statement on the pros and cons of this bill, since, frankly, if not for the social safety nets expanded in the past 2 years, I believe we'd have some very dire situations (e.g. soup lines and social disorder) happening right now. [Nov 29, 2009: 1 in 4 Children, and 1 in 8 Americans Now on Food Stamps] I do, however, wish the federal government would hire one type of worker en masse - auditors - because, while these programs are a lifeline to many people, there are other people who make government assistance a "way of life."

That said, while the $15B "jobs bill" - which is a complete joke, in my opinion - received all the press, here is another program worth almost 10x as much that's not being discussed much at all.