The Fed along with several other central banks have decided to solve the EU's liquidity problem with what must be the mother of all QE's.
This will buy time for the EU to work out its fiscal profligacy/solvency problem. To be clear, it won't solve it. However, this action will (1) take a near term euro collapse off the table, (2) allow investors to re-focus attention on the US economy, (3) make our bet in gold all the more solid.
Markets are clearly back to a risk on trade which will have some duration. Any backing and filling that occurs will prompt our Aggressive Growth Portfolio to re-establish its trade in the Vanguard Dividend Appreciation ETF (VIG).
The link below is FAQ's on the new liquidity injection from someone with a lot more expertise in this area than me:
http://www.zerohedge.com/news/foreign-currency-liquidity-swaps-aka-global-bail-out-plan-b-faqs
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