Monetary Game of Chicken: The Fed Will Win

It's dangerous to short the risk-on rally, though, since we are caught in a catch-22 limbo land: if the economy goes bad, Fed easing would prop up the market, or at least so it's hoped; if the economy goes OK, QE3 is not coming so the market may not rally much at all.

Here lies the biggest joke central banks of the world have created, on themselves: by selling their souls to politicians, they have doomed the market to limbo land and ultimately hurt their masters.

This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.