1:50pm (EST) The Fed did the expected and extended its Operation Twist program. The market immediately rallied off the news but not before a sharp decline to new lows just ahead of the announcement. This shows you just how touchy this market is and how it remains hostage to headlines.
Calm Before the Storm
Market Brushes Off Overseas Worries
1:15pm (EST) Futures were strong for much of last night but were weakening as the overseas markets opened for trading. Dow futures were up double-nickels at midnight but were cut in half by the time Europe’s indexes opened and continued sinking as Wall Street prepared for the start of 2Q.
One Step Forward, Two Back
9:00am (EST) You knew it was coming, right? In a not so surprising turn of events, today’s planned meeting between the 17 European Union leaders was cancelled yesterday afternoon when Greece failed to deliver on several of the demands made by the currency union. The suit-and-ties remained locked in talks