Monday, May 10, 2010

Stock Market Futures Jump on Euro Rescue

I don't think I have ever seen the stock index futures this high. According to Bloomberg as of 3:47 AM EST:

Dow +346.00
S&P 500 +45.80
Nasdaq 100 +75.00

The stock markets around the world are going to celebrate the massive rescue plan of euro, the plan that will backstop, to the tune of nearly $1 trillion, the public and private bad debt in the EU, particularly eurozone. The ECB is going to print money and buying up those bad debts, just like the US Fed has done. European taxpayers are on the hook, so are American and Asian and just about anyone in the world (through IMF), to keep EU governments from defaulting and keep the bankers paid.

In this global celebration, Dow's 1000-point free fall last Thursday will be soon a distant memory. Move along, there's nothing to see here. Just join the crowd and start buying. Anything. High-Frequency Trading bots will make sure you will be given the best price.


Post a Comment