From $4 trillion to $2 trillion to $1.5 trillion (soon $0 trillion of course, but that is another story). The latest gimmick to bounce the market is the completely unfounded rumor that the White House has said both side agree on $1.5 trillion in deficit cuts and an additional $200 billion can be agreed upon soon. Stocks surge, bonds tank...because, you know, this is good for America's credit standing according to Moodys. We give this rally a few minutes before Boehner comes out and denies everything. To all those who just bought the 30 Year, condolences... at least for the next few minutes.
or... maybe a little longer than a few minutes: