Thanks to some overnght levitation (and in spite of major outflows from foreigner from the US as seen in the TIC data), US equities have opened this morning to new all-time highs. As "investors" watched in disappointment on Friday at the 'miss', the opening this morning - amid a double POMO day [5] - has lifted the Dow above 16,000 and the S&P 500 above 1,800 for the first time ever (now up around 10% from the debt-ceiling lows in the last month). The S&P 500 has seen a 3x rise in the multiple this year... still chepa though, right? Caracas here we come...
S&P 500 1,800
[6]
Nearing The Fed's year-end target...
[7]
Dow Jones Industrials 16,000
[8]
It's been a good few weeks off the debt ceiling lows
[9]
(oh wait - isn't there another debt ceiling/budget debate in a month?)