The broad averages are hovering in a high-risk zone, as noted in today’s E-Mini S&P tout. There was ‘news’ that the Fed ‘might’ have quantitative easing on their agenda at the September meeting, but as of Wednesday night this wasn’t having a discernible impact on index futures.  It would seem that the central bank is going to leak this story one drop at a time, allowing the usual bunch of thieves and imbeciles to make of it what they will. ______ UPDATE (4:35 a.m. EDT):  It is now early Tuesday morning, and Comex Gold appears to be having a delayed, explosive reaction to the latest, desperate  QE3 murmurings.  The December contract is up $25 at the moment, although the E-Mini S&P, trading a measly 1.25 points higher, seems, understandably, and perhaps finally, to be scrupling over the insane political idea that QE3 will somehow prevent the U.S. economy’s slide into Depression and save the world. If the broad averages do not soon join in Gold’s revelry, it will be possible to infer that traders at last understand that the Fed used up its last bullet — which is to say, its credibility — when QE2 expired.