Enrico!

This rally today has no meaning. The US bond market is closed. Volume was light. Tomorrow we’ll see if there is any tightening in the gap between Libor and Treasury rates, and we’ll see whether rates on the Treasuries move.

The yammering idiots make the point that this is the biggest one day move in the Dow since March 1933. For once they’ve hit on a good point, but not the point they think they’re making. In March 1933, the bear market still had at least a decade to run.