S&P futures are now unchanged from Monday’s close – having lost 14 points from the close and over 18 from the highs. Meanwhile, gold is soaring and the USD is being sold. It would appear that as the odds of an Obama victory rises that the fiscal cliff reality becomes even more critical BUT given Bernanke’s four-more-years, they have no need to do anything about it since he will just monetize away… Gold realizes it’s the ‘stock’ and equities have already priced in the ‘flow’ but forgot to price in the fiscal cliff (as we have noted)… We assume Schumer will be on the phone first thing in the morning demanding moar doing his job…
S&P 500 are plunging… (moar Bernanke trumped by moar Fiscal Cliff reality!!)
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