Submitted by Mark Hanna
Courtesy of MarketMontage. View original post here.
They got “the deal” done. The normal song and dance each time we kick the can occurred yet again. Markets are screaming and it’s quite a move from he Friday lows. A year ago at this time the S&P gained ~1.5% (I believe on a Chinese PMI figure) and this time we are getting an even larger move. But, we’re going to be back here in about 4 weeks to start the hand wringing over the debt ceiling (exact date no one can tell with all the moving parts) and then the sequester kick of can two months from now. I think that will actually be the more interesting cliff(s) although in the end we know at minimum they will kick the can. They always do. It’s just a matter of what they put markets through before they kick the can.
I said it would be interesting if (and how quick) we filled the gap from the “Plan B” debacle a week from last Thursday, and it’s getting filled (and more) today.
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