Summer 1976 - the beginning of the 'Disco Era' and topping the charts was a group known as Tavares with their hit single: "Don't Take Away the Music".....(http://www.youtube.com/watch?v=-Gi4tOrKphw) - Need I say anything more?

Stocks exploded to the upside on the news that Uncle Benny and the Jets would NOT taper - let me repeat - would NOT taper its bond purchases for the foreseeable future......….and although so many of the street’s analysts, economist’s and strategist’s prepped us - ad nauseam - for months over the size and rate of tapering……..THEY ALL GOT IT WRONG! Bloomberg surveys, Gallup Polls, etc must have been asking the wrong people....and how funny to see all of these same people squirming in their seats saying "da,da,da,da,da"......on most of the business channels after the news.

What did they miss? Did they not see the macro data? Have they not been listening to the news? Did they not see the complete disconnect between reality and make believe? Did they not hear Benny say – “tapering could begin sometime in the fall?’ Well – actually it is STILL Summer. Fall begins on Sunday September 22, 2013. I'm just sayin.....

Benny surprises the masses and kicks off the next chapter of this ongoing party – citing the underlying rationale that a sharp rise in rates in recent months could now weigh on the economy – never mind that they downgraded growth forecasts and are worried about the gridlock in DC to bolster the argument…. Not that I want to keep the presses going at all - but I have been beaten and ridiculed for not buying into the taper discussion as it became so ‘obvious’ that the FED was going to cut back - I guess it was NOT so obvious. This after they have spent countless hours convincing the world that September would mark the beginning - I re-iterate - Benny never said September - he left that door wide open....

Did you see what happened to GOLD at 1:55 pm? Makes a complete reversal going from $1309 to $1344 PRIOR to the announcement signaling that the 'unexpected' was about to happen....... and at 1:59:30 pm - S&P futures blasted off - again the news had not even hit the tape. Tastes FISHY to me - but since the market is celebrating break out the Champagne and try the Baked/Broiled Salmon in Champagne Cream Sauce……

Did someone have the information before everyone else did? Is this just another example of 'information for sale' to the highest bidder? Hey look someone has to make some money……while others get run over. (story for another day). But in the end – the stocks celebrated (not sure why really since the message is - the economy is not living up to the expectation for growth) as the realization of more KOOL AID hit home.

Has the Fed lost credibility with the street? Are the threats by the FED to withdraw liquidity from the system lacking in substance and no longer believable? Who exactly whispered in the ears of all of these economists/strategists/analysts so that they would do the heavy lift and prep the markets? Will the long end of the yield curve rise beyond its control? This raises more questions than it answers.....

( Click on the link below to see my appearance on The Kudlow Report last night with Jim Iurio Director TJM and Ron Kruszewski - CEO Stifel Nicolas - http://video.cnbc.com/gallery/?video=3000200299).

So what lies ahead...US futures are still partying....rising another 7 points in early pre-market trade trending at 1725. So what is the new range? Well the upside is unlimited right....since there is nothing overhead....technicians expect the momentum could take us to the 1740 range before it runs out of gas....on the downside - 1709 is near term support.

But - again there is a bit of disconnect - right....the FED cites concern in economic growth so they cut the forecast, they cite concern in DC over a looming government shutdown over the debt ceiling and the inability of legislators to govern, they cite concern over the pace of long term rates that have risen recently potentially hampering the housing recovery, they cite the impact of Obamacare on the outlook for job creation etc....yet investors are knocking each other over to BUY, BUY, BUY..... Is it me? How are we going to get 14 percent earnings growth with GDP growing at sub 2 percent? Top line revenues are not growing - estimates keep coming down (lowering the bar), while earnings beat as companies cut to the bone - and this is healthy?

Markets around the world followed in kind last night and surged to new highs....as the realization that the FED will continue to stimulate sinks in....Emerging markets enjoying a banner day as they have been the hardest hit on the expectation of withdrawal. Indonesian stocks surge 7 percent, Philippine market surges 3.5 percent, Singapore moves higher by 1.8 percent and Thailand up by some 3.4%. Established Asian market centers in full RISK ON mode..Australia climbs to a new 5 year high, Japan on a roll climbing 1.8 percent. Hong Kong +1.67%, ASX +1.1 % and China closed.

In Europe - the story continues...investors/ traders celebrating the FED. FTSE +1.52%, CAC 40 +1.%, DAX +1.16%, EUROSTOXX 1.15%, Spain +1.% and Italy +1.1 %.

Baked/Broiled Salmon Dressed in Champagne Cream Sauce

So in keeping with the Party taking place on Wall St and the world – Try the Broiled Salmon with this great and simple Champagne Cream. This sauce can also be used on chicken, steak and even over Pasta – It is yours to enjoy.

Champagne Cream – simple to make and a staple for dressing up so many dishes.

For this you need: Butter, shallots, flour, champagne, heavy cream (why go lite?) and s&p.

Begin by melting ½ stick of butter in a saucepan. Add in the diced/chopped shallot and sauté over med low heat. You do not want to burn the shallots – so no more than 5 mins or so. Now add in 3 tblspn of flour and whisk until blended. Next – slowly introduce 1 cup of champagne and then ¾ cup of heavy cream. Let it all come together nicely – keeping heat on simmer. The sauce will start to thicken – remove and season with s&p. (At this point you can let it cool and put it in the fridge for use at a later time).

Preheat oven to 375.

Next – take you pieces of Salmon – rinse and place in a baking dish. Season with s&p. Next place in the oven and bake for 10/15 mins depending on thickness. Now turn on the broiler and broil the top of the salmon just until it is a bit toasted on top. Check for doneness by flaking with a fork.

Now remove and set aside. To serve - Re-heat the champagne cream sauce and then spoon the sauce onto the plate. Place one piece of salmon on top and serve. Always have extra sauce on the table for your guests. Serve this with steamed French cut green beans – seasoned with fresh lemon juice, a splash of olive oil and s&p. Enjoy with a chilled glass of Pinot Grigio – Santa Margherita.



Buon Appetito.