Again, I call on Larry Summers to stop the regular market session. The actual matching of buyers and sellers in any volume (I believe they call that a 'free market') only hurts us. By closing shop at 9:30 AM the government can
I am available for consultation Larry - call me. I am all for efficiency and really it's only fair. Bernanke gives banks guaranteed risk free returns, so why does not the common man deserve the same in equities? If not for the market being open between 9:30 to 4:00 PM and allowing any form of liquidity over and above what can be done in the thinly traded premarket ($5B SPY can go a long way - wink wink), we could have Dow 18,000 by now.
p.s. I also recommend releasing all good economic data between 7 AM and 9:15 AM so we can say "look there is a great reason for the S&P to be up 0.8% in premarket", whereas all bad economic data shall be released around 3 AM EST. (sort of like announcing on Christmas Eve the U.S. taxpayer will be on the hook for all losses at Fannie and Freddie for the next 3 years) Then of course when futures react negatively to the bad news we can begin 'God's work' at 7 AM.
p.s.s. If we must keep the facade of a market between 9:30 AM and 4 PM, I propose a ban on selling in those hours. But of course allowed during premarket when 'market forces' can offset it (hint). There are many ways to handle this Larry - think outside the box.
Until tomorrow. (premarket!)