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Its Monday morning and the S&P futures are currently up 5. This morning the “reason” is that CIT cut a deal with its bondholders. Last Monday, a very similar S&P futures gap up in the morning but that was due to Meredith Whitney upgrading Goldman. We always have a very neatly packaged “reason” for why the S&P futures are either up or down in the morning. But maybe something else is going on here? When I look at the overnight chart of the S&P futures, I see this middle of the night spike that starts around 3am eastern time. Its
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This is an excellent and insightful piece put together by ZeroHedge: http://zerohedge.blogspot.com/2009/07/goldmans-4-billion-high-frequency.html
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