Those Austere Governors, from Victor Niederhoffer
It is interesting to note the two up days that preceded yesterday's meeting of Governors (FOMC):
| Friday 3/16 | Monday 3/19 | Tuesday 3/20 | Wednesday 3/21 | |
| S&P futures | 1399 | 1416 | 1423 | 1445 |
| DAX futures | 6580 | 6671 | 6700 | 6880 |
| Nikkei | 16730 | 17115 | 17220 | 17475 |
| VIX | 16.8 | 14.6 | 13.3 | 12.2 |
There is a certain symmetry with the following build up to a recent 'event':
| Wednesday 2/21 | Thursday 2/22 | Friday 2/23 | Monday 2/26 | Tuesday 2/27 | |
| S&P futures | 1474 | 1472 | 1467 | 1465 | 1408 |
| VIX | 10.2 | 10.2 | 10.6 | 11.2 | 18.3 |
Similarly, two ups and soar have occured on nine consecutive Fed meetings.
Is it a crime to start each day
With a laugh, and a smile, and a song?
And is it a crime to end each day
With a laugh, and a smile, and a song?
Is it wrong, is it a crime
To call the world your valentine?
Is it a crime to grab a lamp-post
And then sing "Sweet Adeline?"
I ask you
Is it a crime to save a wee
Baby bird when it falls from its nest?
That little bird should have a chance
To fly like all the rest.
So if it's a crime to help old ladies cross the
street,
Then put me in jail
Without bail,
Bread and water from an old tin pail,
If that's, if that's a crime.
[Read the rest of the lyrics to Bells Are Ringing ]