US Federal Reserve

The market has a way of getting what it wants. And right now, it surely does not want Yellen to hike this week. Will she nevertheless, as is widely expected? Or will the buoyant markets force yet another delay, ultimately resulting in a 'none-and-done'?

There's no denying that the Fed policies fueled this stock bull market. The liquidity of QE 1 to 4 propelled the markets to new highs with every shot. At the completion of the QE tapering in October 2014, the S&P 500 hovered around the 2,000 mark. Today, we're trading at exactly the same levels. No QE, no advance.

We have been watching the market's "sudden panic" about the implosion in the junk bond space with bemused detachment because, for the better part of the past year, we have been warning that this is about to take place. Here is a modest sample of articles from the past year commenting on the dangers from junk:

Submitted by Jim Quinn via The Burning Platform blog,

Fed, ECB “Monetary Insanity” Is “Frightening” - Gold Rigged … For Now

Max Keiser interviewed GoldCore Research Director, Mark O’Byrne last week and the video was released on Saturday.

Key points and topics covered:

Presented with little comment, aside to ask: "where are the liquidity-providers?"

Extremely heavy volume... and wild swings

Zoomed in the moves actually occurred over a 5 minute span... (via @NanexLLC )

420 Point roundtrip in The Dow in under 9 minutes...

As HYG hit Friday's lows...

And all of this is happening right on cue following JPMorgan's Marko Kolanovic warnings of "massive stop losses" ahead..