S&P futures are surging again. Cornohaha VIrus is cured! Sell the news?
S&P futures are bonering. They hit support yesterday, and surprise, surprise, the dip buyers were out in force. Well, not a surprise actually if you recognize that the Fed pumping $100 billion a month into dealer trading accounts permanently tilts the playing field. Doesn’t mean that the market can’t go down, just that it probably won’t stay down for long.
The PBoC did a nice job of stopping a worldwide crash this morning. It pumped a gazillion yuan into their banking system and bankers instantly found a way to get it out of the country to bolster foreign markets.
At home, not so much.
Here I was in Zadar, Croatia enjoying myself, while there was a little matter of a Fed Meeting Statement, and Chairman Jerry’s Dog and Pony show.
Wall Street was waiting with bated breath, that’s right, bated, but I had taken an afternoon stroll around the harbor, on the lookout for baited hooks. Just like walking on Wall Street. You gotta be on the lookout for baited hooks.
Thank the Fed’s Not QE program, and light Treasury supply! Supply and demand conditions for stocks and bonds have been as good as it gets. That’s about to change.
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