Tuesday, November 22, 2011

S&P 500 Spikes 10 Points on the 287,572th European Rescue - this Time by IMF

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This is getting tiring .... but for the upteempth time we have headlines driving the market, as yet another rescue fund is put into place.

Conveniently the S&P 500 bounced right off yesterday's lows (1184) to 1194ish.  Based on how each iteration of the drugs offered by the powers that be has less effect, I expect the euphoria of this headline to wear off within 30 minutes.

Via Zerohedge

  • IMF APPROVES CREDIT LINE PROGRAM CHANGES TO PROVIDE LIQUIDITY 
  • IMF CREDIT LINE CREATES NEW SOURCE OF FUNDS FOR MEMBER NATIONS 
  • IMF ADDS EMERGENCY FUNDING TOOL TO ASSIST COUNTRIES IN CRISIS 
  • IMF NEW CREDIT LINE AVAILABLE FOR SIX MONTHS TO TWO YEARS 
  • IMF CREATES PRECAUTIONARY AND LIQUIDITY LINE 
  • IMF SAYS ACCESS UNDER 6-MONTH LIQUIDITY LINE COULD BE UP TO 500% OF MEMBERS QUOTA

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