Unemployment claims drop big, waiting for next week's revision up, and market jumps up. S&P finally got over the 200 day for literally a minute and then smacked right back down by ECB rumors. US markets are still run by Europe and waiting for this weekends answer.
S&P ran up to the 200 day and then downgrade warnings on basically everybody in Europe and failed 200 day breakout attempt #1. Really it's just wait for the weekend and see for save Euro conference #140, there's as many of these as UFC fights. Chart wise we're looking like a failed upside breakout attempt this morning, but it is December and everybody loves a Santa Claus rally.
So who snitched early? It was obvious yesterday that there was a Fed move coming, http://marketvent.blogspot.com/2011/11/qe-3-return.html, I went with QE but this is a global liquity move by everybody, http://finance.yahoo.com/news/central-banks-rescue-todays-action-162004495.html;_ylt=ApSr9t4Hecun35kk69nrqj.iuYdG;_ylu=X3oDMTQzM2l1NWh2BG1pdANGaW5hbmNlIEZQIEp1bWJvdHJvbiBMaXRlBHBrZwNiMThjMDIzYi1lOTRiLTMxOTctYTg1NC03Nzc5YTE2MWE4NDgEcG9zAzEEc2VjA2p1bWJvdHJvbgR2ZXIDZjEyZGRiODQtMWI3OC0xMWUxLWFhNDYtMGZmZGQwOTY5ZmM4;_ylg=X3oDMTFvdnRqYzJoBGludGwDdXMEbGFuZwNlbi11cwRwc3RhaWQDBHBzdGNhdANob21lBHB0A3NlY3Rpb25zBHRlc3QD;_ylv=3. Odd part is how people view things. This happens and markets jump hysterically high but what caused that many countries to agree to a move together? Had to have been bad. Basically this cements the idea government will not let the stock market go down past a point. So play that accordingly.
Stocks up on light volume, treasury's don't move, gold up, oil up. Last time it looked like this it was QE or Twist or whatevrr new idea the Fed tries this time.
Looks like I was wrong, http://marketvent.blogspot.com/2011/11/and-were-back.html. I still cannot believe it will stay like this since the cuts were designed to be mutually destructive. 1.5 trillion on a annual GDP of 15 is going to make a dent and if the unemployment and tax cuts are allowed to expire in a month that's an instant -%1 GDP cut too.
