How cynical can you get? Gaming the European papers.
US stocks moved off their lows a couple of hours ago, as German Chancellor Angela Merkel and French President Nicolas Sarkozy issued a joint statement saying they will have a "definitive agreement" on recapitalization of European banks and expanding the EFSF" by Wednesday, at the latest."
Wednesday? The EU Summit is on Sunday. Two summits? Never mind. Later is better than not at all.
The S&P 500 moved another six points a little after 2:30pm ET on...nothing. Just the anticipation that some European newspaper — most of whom put their next-day print editions to bed about this time, and publish it on the web — will have something to say about Merkel and Sarkozy making nicey-nice in the next hour or so. And if not...surely tomorrow...
I know. Stories about no stories...stories about stories yet to come, stories about unborn stories. I know.
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