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There are so many story lines here that it's hard to know where to start, so I'll begin at 7 a.m. yesterday.
That's when, despite sharp declines in stock futures markets overnight, someone in New York vigorously and valiantly began buying Standard & Poor's futures contracts.
When that buying was completed, the S&P futures had rallied about 13 points - cutting overnight losses by a third.
Stock prices were cushioned when the market opened for trading yesterday.
Readers already know my take on this: someone with an untraceable link to Washington keeps the markets in line whenever they seem to be straying. And the US equities markets were not only straying in the pre-dawn hours yesterday they were collapsing.
But the fix didn't hold for long. And by the end of yesterday's session traders decided that the better part of valor was to get the hell out of the market.
http://www.nypost.com/seven/09162008...eek_129333.htm
(Okay, it's the NY Post but it touches on a frequently occurring phenomenon)
That's when, despite sharp declines in stock futures markets overnight, someone in New York vigorously and valiantly began buying Standard & Poor's futures contracts.
When that buying was completed, the S&P futures had rallied about 13 points - cutting overnight losses by a third.
Stock prices were cushioned when the market opened for trading yesterday.
Readers already know my take on this: someone with an untraceable link to Washington keeps the markets in line whenever they seem to be straying. And the US equities markets were not only straying in the pre-dawn hours yesterday they were collapsing.
But the fix didn't hold for long. And by the end of yesterday's session traders decided that the better part of valor was to get the hell out of the market.
http://www.nypost.com/seven/09162008...eek_129333.htm
(Okay, it's the NY Post but it touches on a frequently occurring phenomenon)