Waiting to cut out the deadwood.
Waiting to clean up the city.
Waiting to weed out the weaklings.
Waiting for the final solution
To strengthen the strain.
Waiting to follow the worms. – Pink Floyd
Don’t you just love the anticipation?
As expected, we got a bit of a bump from Geithner’s turn on Bloomberg last night but it was utter nonsense with Timmy pleading for policy makers in Europe and at home in the US to DO SOMETHING!!! Timmy saying something needs to be done is a very, very far cry from something being done – a nuance that seems to be escaping the bulls as the thinly-traded US futures are up about 0.4% at 8am. Europeans are not quite so gullible and their markets are off about 1%, following up on yesterday’s awful close.
Of course the MSM pep squad has all morning to quote Geithner out of context while we wait for the FOMC statement at 2:15 but Bernanke is not scheduled to speak after the statement is released and it would be extremely odd for them to make a major policy move via their statement with no press conference so I think it’s all going to be on Draghi and the ECB tomorrow and they’d better be coming up with a Hell of a big bazooka if they want to make a dent in their problems.
You’re welcome, by the way, if you went with yesterday’s Futures picks from the main post. Oil fell all the way to $87.50 before turning back up (and we went long into the close so YAY!) for a nice $2,500 per contract gain on /CL. Gold dropped $15 to $1,615 and /YG for $33.20 per Dollar and that’s $498 per contract there. We had similar gains shorting the Dow off the 13,000 line (/YM in Futures) but the cool thing about that Dow is it hit that line over and over and over…
