Headline GDP better than expected (but ugly underneath); claims weak (moar QE); pending home sales (beat - confirmation bias). All is well, right? Stocks surged up to their highs of the day and Pisani proclaimed a deal is close (apparently). And then, one politician uttered those terrifying words:
- REP. VAN HOLLEN SAYS ON MSNBC `WE'RE NOT CLOSE TO A DEAL'
and stocks dive almost instantaneously on large volume (even as most clueless algos google the name and most get hits of a certain 1980s rock band)... happy trading until 1130ET when Boehner will host a press conference.
Retesting back up to VWAP now as we all await Boehner's speech at 1130ET