Having quietly limped back to retrace the jobs report losses, US equities were beginning to fade back in hurry when we tweeted the market’s desparation for a POMO stick-save… sure enough, 2 minutes later, as POMO started, S&P 500 futures took off in an uninterrrupted 13 point surge higher (with bonds, FX, and gold all continuing their ‘taper-on’ post-payrolls trends ignoring the idiocy in stocks)…
As an FYI – yesterday’s closing VWAP was 1757 for S&P 500 futures and we suspect this is machines desperate to cover their costs on yesterday’s selling… expect resistance..
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via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/EYHOXT-Ka7I/story01.htm Tyler Durden