SP futures closed on a sharp rally as it appears the selling was indeed overdone on that plunge to the bottom of the long term trendline.
The whizkids on Bloomberg TV cannot seem to figure this one out, but suffice it to say that the high priced talent will be heading out to the Hamptons tonight for the long holiday weekend, leaving the junior traders in charge. Unless 'something happens' we generally see a prearranged move into noon NY time, and then choppy trade with light volumes.
Its the end of month as well, and that should be enough explanation for the rally on *no* volume.
Is the 'new bear market' over? Was the fear and panic being spread indeed overdone? Its still a little early to tell. Is the recovery for real? LOL. Let's not get carried away.
See if they can get it over the resistance it ran to just north of 1100 into the close. But it does look like the bull market in fraud will continue.
Anything for a buck, and another set of improbably perfect trading records.
If you have any spare time, read this scathing analysis of the financial reform bill, and the process used to create it, by Matt Taibbi, Wall Street's War. If Obama and the top Democrats are a reform party then Lloyd Blankfein and Jesse James are the next American Idols.
