It was all going so well. In general the cone of silence was working. Stops had been run, hope was among us once again and while no-one had a clue why stocks were rallying (apart from Johnny 5), the interpretation was that - well the market must believe a deal is being done... until Harry Reid opened his mouth....
- *REID: REPUBLICANS HOLDING MIDDLE CLASS TAX CUTS 'HOSTAGE'
- *REID SAYS REPUBLICANS HAVE OFFERED NO SPECIFICS ON WANTS
and S&P 500 futures dropped 5 points - halving the day's gains.
SURPRISE!!! Stock's gains were not sustainable over risk..
Charts: Bloomberg and Capital Context