Stocks were roiled overnight by some rather bad economic data overnight and the SP 500 futures were sagging noticeably.
And then around 4:47 AM NY time, which alas I was still awake working to see, the futures mysteriously started rallying higher.
No mystery there to me. The Robert Rubin principle as Treasury Secretary in the 1990’s was to encourage some entity to buy the futures to lead the market, rather than stepping in later to clean up the aftermath. I am not sure he meant that one should do this so frequently however.
So what. If only these jokers would do something constructive about helping the real economy, rather than throwing dust clouds over the corruption and lack of reform.
But they are, after all, caught in a credibility trap, and besides, they and their cronies are winning…
Have a pleasant evening.
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