Being calendar-challenged, I had to actually look up (on the handy-dandy Freedom's Phoenix front-page calendar) why so many financial pundits were dancing in their seats at the closing bell today. Turns out, I somehow missed the entire Lenten season and it's a three-day weekend for Wall Street.
Immediately following the bell, a whole new group of financial pundits came on with some curious market reads. First, today's market rally coupled with a rally in financials, signaled an end to whatever financial crises the US markets may have suffered for the past week. Second, today's flight from commodities, though partly due to profit-taking, signaled an end to whatever financial crises the US markets may have suffered for the past week.
Now, I am anything but a perma-bear. The only market I complain about is a flat tape. But...these seem like awfully bold predictions about financial conditions that have taken decades to form and years to unravel.
Until the 2x4 of realization smacked me upside the head that tomorrow is Thanksgiving for banks world-wide (or, at least, banks and markets with enough volume to move the world).
Rather than foul some sort of explanation of why that matters, allow me to point you in the general direction of Chapter 12 of Murray Rothbard's America's Great Depression.
Aside from that, please also allow me to wish you and your family peace, tranquility, love, and happiness this weekend whatever your faith or creed.