You might have missed it if you were not watching the futures markets, but from last Friday's huge miss the stock futures had plunged, triple digits in the DJIA and quite a bit in the SP 500.
That drop showed up on the open of the cash markets this morning.
William Dudley, erstwhile alumnus of Goldman Sachs and head of the deeply conflicted NY Fed was out this morning promising very slow and shallow increases in interest rates, even if the Fed does finally 'pull the trigger' this year.
Well, that bit of jawboning was enough to trigger a rocket rally in the stock markets, and also lit a fire under gold, silver and even crude oil.
So all in all, a triple digit swing both ways in the Dow Industrials, and the SP futures continues to oscillate in about a 40 point trading range.
This looks like a 'have your cake and eat it too' standoff at the Fed.
Swing heil!
Have a pleasant evening.
