Rumor Of Coordinated Central Banks Taking Action Drives The Market (DIA, SPY, QQQQ)

This is a rumor, panic, and euphoria market right now.  There is chatter that the European banking entities are prepared to offer a coordinated move of assistance if the Greek elections cause a run on the banks after this weekend.

Reuters has now reported that central banks are preparing to add liquidity to the markets and this is attributed to G-20 sources.  Keep in mind that this is till one of those developing stories that has not been confirmed and many of these types of reports often end up not being true.

Rumors…. Still the DJIA is up 180 points to 12,675 and the S&P 500 is up 16 points to 1,330.  The NASDAQ is actually lagging with a 18 point recovery to 2,837.

Headline swill make the difference here without logic getting a chance to make much of a stand.  That is called a market in turmoil for you.  Keep in mind that the DJIA had already bounced some 600 points in the last week and a half.

We would also make the reminder here that central banks are always on standby to offer liquidity if need be.  At least that has been the case so far.

JON C. OGG