Stocks Reverse Entire Overnight Dump On One Headline
Update 2: Cantor says has votes to pass bill
Update: Sure enough: Boehner tells reported "I am smiling"
As expected earlier, the news of America's economic tumble are completely ignored now and the S&P is well above the levels before the GDP announcement. In fact, following a headline earlier that the GOP is preparing to amend its bill the computers went out in full rampage mode as the quote stuffing chart below demonstrates so vividly, the headline scanners did their job and robot after robot rushed to outrun each other for every available offer. We give this rally a few minutes before some republican says that the Boehner plan will in fact pass in current form, and the robotic buying spree turn into a dumpathon.
This is what passes for a market these days.
And the driver: Johnny 5
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