An excerpt from John Mauldin’s e-letter:“The market was already up 120 points when the Fed made its announcement and then roared ahead almost another 100 points. So it was not all Bernanke. In fact, I tend to think it was more likely end of the quarter gamesmanship, with funds working to move their favorite stocks up, moving into stocks that will look good in their portfolios and dumping the dogs. If XYZ stock is up 10% for the quarter, you want some of it in your portfolio to show investors you were on top of it. Of course, you don’t have to say you got to the game late.

End of the quarter rallies are common. Any old excuse will do. My bet is that whatever the Fed did would have produced a rally, short of stating that they had decided a recession was in order.”

Interesting stuff and good to keep in mind. I need to create a calendar with items like “End of quarter games might cause a rally–don’t read anything special into a suddent 100+ plus gain!” and other similar friendly reminders.