For the second day in a row US equity futures are up almost 2% before the open.
This while China and European bourses are selling off, in some cases hard.
On Tuesday, Dow futures were up over 300 points prior to opening and held that level into the open, only to see it fade more than 500 points into the close.
On Wednesday, we are seeing the same pre-market enthusiasm, despite global selloffs in every major exchange except Nikkei (which is another story entirely.)
What could be behind the early morning love of US stocks? My colleague John Crudele may have the answer.
Crudele posits and I agree that the Plunge Protection Team with the aid of Wall St.’s biggest trading desks are buying up emini’s in an attempt to change sentiment or at least give a cushion to the markets.