Bloomberg reports that there have been 14 European summits in the last 21 months. Hopefully there will be no more for some time, but of course the problems haven’t gone away. European indexes are up 4-5% I should say goodbye to some EWG this morning.
Pre-market futures domestic futures are up big as well, partly in anticipation of the first estimate of Q-3 GDP that I have mentioned in class. An upside surprise and the breakout above 125 SPY sticks. It may stick anyway. Yesterday’s volatility and the incessant index spikes were hinting at a big move like this. Let us see what GDP brings. One can always sell the news after the beginning of the month brings more suckers in.