Great timing. The ubiquitous post-European close trend-reversal was extended by some 'nothing' comments from Boehner that every media outlet is inferring means everything's fixed and compromise is close. It's not - what did we expect him to say?
- Boehner says talks with Obama were constructive. Outlined a
framework with Obama; Will accept revenue if spending cuts
AAPL jumped up to VWAP and S&P 500 futures coincidentally reached overnight highs/stops. Now let's see if anyone really believes...
[4]And for those who have forgotten last summer's debt ceiling negotiations, here is a sample of what happened before the market tumbled by 20% to get the deal done:
- July 18, 2011: House Republicans brace for compromise on debt (Source: LAT [5])
- July 22, 2011: Debt Ceiling Talks Collapse as Boehner Walks Out (Source: NYT [6])
Luckily, the algos never learn...
and AAPL has popped for the hopers to yesterday's VWAP...
[7]