The 2pm Squeeze – Thank Your Local Fed Banker
June 10, 2011 2:38 pm
A dreary day in marketland. As if it was not bad enough that the month of June has only had one positive day for the S&P 500.
The Euro was melting away, the equity markets with it. Precious metals were getting slammed and it it was getting close to a level that looked as if there was not support for another 2% or so….
Then, almost to the second, as the clock struck 2pm… A Miracle! An announcement slipped out that the banks may not be required to put aside as much as first thought. A well placed story at a particularly good time. Right? The market came up about 0.50% in a matter of minutes.
Come on fellas, are we going to go through this again? Feed a story and see how the markets take it. AND, on a Friday at 2pm?