Same Cliff Different Day
Tyler Durden’s picture
12/28/2012 07:08 -0500
We could say that news is actually relevant or matters in this “market” but we would be lying, just as we would be lying if we said that this market has not become so utterly predictable, with yesterday’s late day market surge – on yet another ridiculous catalyst – visible from so far away, it was almost painful to watch it take place in real time. Sure enough, futures are now sliding back, and giving back much of yesterday’s gains – but don’t worry, in a day full of even more meetings and flashing red headlines, at least some combination of carefully phrased MSM words will set off today’s algo-driven buying frenzy, guaranteeing yet another “retail investor” decides they have had it with this farcical “free market” casino for ever.
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As noted earlier, none of this actually matters. What matters is today’s second to final episode of the Fiscal Cliff drama, summarized by Jim Reid best: President Obama is expected to meet with Congressional leaders at the White House today. The meeting will be attended by Senate Majority Leader Harry Reid, House Speaker John Boehner, House Minority Leader Nancy Pelosi and Senate Minority Leader Mitch McConnell. The President had a call with Reid, Boehner and Pelosi late Wednesday night to receive update on the negotiations but no details about the conversations have been given. As noted by the Washington Post, perhaps the most significant development is that McConnell, who has signalled an interest in cutting a deal, will be engaged directly in White House discussions for the first time. According to the WSJ, most officials believe any deal is most likely to emerge in the Senate so all eyes will be on the congressional leaders’ meeting later today ahead of a hectic (and cold) weekend ahead for those in Capitol Hill. Beyond that, the Dow Jones Newswires also noted that Republicans will hold a closed-door caucus meeting at 9am ET Monday.
And just in case political headlines were not enough, prepare to see massive market surges on flashing red headlines forecasting clear skies: “while the House may be in session from Sunday through to the 2nd of January, we may need to watch the weatherman for some cues on how travel plans will be affected by the Northeast winter snow storm that is causing havoc in many parts of the country.”
https://www.zerohedge.com/news/2012-12-28/same-cliff-different-day