We're all really relieved to know that you're on top of things, and look forward to your next update on the performance of your (in)famous index.
Like someone already mentioned...Buy the Rumor, sell the news. No biggie there!! I expect a rally after the package passes and then the bears justifiably go to work after that. I doubt we've bottomed and I'll keep trading accordingly.
<i>The futures are lower after the stimulus vote because it passed in the senate</i> If this was true, then the market would have declined big today (Monday). Everybody knew as of Sunday that it had enough Republicans (3) to pass.
This CNBC quote may also have contributed to the decline and steady bid in after hours CME. The financial-rescue plan is now expected to include a new form of "bad bank" that would take bad assets off of banks' books. Earlier, CNBC.com reported that the "bad bank" concept had been dropped, but sources said a new version of that plan has emerged instead
Once again Stocky is wrong. HONG KONG (Reuters) - U.S. stock futures fell on Tuesday on uncertainty about a White House financial rescue package after a CNBC report of an altered form of a "bad bank" plan to buy toxic assets from commercial banks. http://www.reuters.com/article/hotStocksNews/idUSTRE50K4DA20090210 That is a more reasonable explanation of why futures are down.
Hmm still looks like more work to be done http://blogs.usatoday.com/ondeadline/2009/02/stimulus-clears.html Just cause it gets a filbuster free vote, DOESN'T mean it cleared all the hurdles. I suspect the democrats will cave into republican demands at some point and replace some of the pork spending with more tax cuts, but the total stimulus itself won't decrease. The house version is different in thsi regard. Geither is expected to speak on tuesday which should certainly be bullish for stocks & commodities that thrive fomr a weak dollar.
I think the primary drop in the stock index futures were related to the bloomberg article above mentioned Russia needed to delay or rework payments on $400BB worth of loans - which really strengthened the dollar b/c most of the major lenders are european banks. The Euro got bitch slapped and I think it took the ES along with it, which has rebounded for now (ES). http://www.bloomberg.com/apps/news?pid=20601087&sid=aQ3aCVfB6U2A&refer=home