Aussie Market Opens - Signals Market's Initial Disappointment

Tyler Durden's picture

UPDATE: Sure enough - *COLE SAYS MAJORITY OF REPUBLICANS TO VOTE FOR SENATE BILL

...and the market is rallying...

Following Monday's fiscal-cliff-gasm in markets in the US, the Australian stock market is the first indication of the post-cliff on-again-off-again reaction to the reality that is a stymied House and stubborn Senate. Some are noting the fact that it is 'up' as a signal of confidence - however, given its 'catch-up' nature, it is actually signalling considerably less confidence than US stocks showed at their close. Why is this important? Because all that matters is the market...

"Everyone knows once the markets open tomorrow our courage drops in direct proportion to the market fall," said one Republican lawmaker

ASX 200 indicates lagging confidence in the markets...