long roh's  Instablog

As of this writing, S&P500 futures got an steady boost following the announcement of the Supreme Court's lifting of the stay of the Chrysler deal (from sub-938 to ~941).  The uptrend started precisely when the decision became public.  Two reasons spring to mind:  1) avoidance of further economic damage that might have resulted from collapse of the deal; and 2) expected inflows to equity as bond investors decide they don't like the idea of optional seniority and leave their bond positions.