Stocks were selling off in Europe this morning, and the US opened lower as well, chilled not only by the New York winter storm, but by the interest rate increase in China.
AIG is reported to be receiving private financing, and this led the financials and the SP futures higher on very thin holiday volumes. The market closed unchanged to higher.
I got a bit of a 'kick' out of the market today watching the VIX insurance plays rise with the SP futures in an obvious paired trade. Someone does not believe in this rally. It looks like a puffball fueled by the SP futures.
Price manipulation with a purpose in my humble opinion. End badly and all that. Frauds and fees are the primary US exports.
