It looks like a case of sell the news with the "subdued reaction to the plan" description being quite the understatement (see article below). As of now, just about everything is trading down a touch (50 to 75 BPs) this Sunday evening in the U.S. futures markets.
Asia's initial pop has also reversed course, in some cases rather dramatically. For now it looks like it's going to be a game of sit and wait for through the actual bill passage and elections. Oh, and did I mention earnings are once again right around the corner -- just in time for Halloween.
o Yahoo! - Investors Give Plan Ho Hum Reception
o Calc. Risk - German, Belgian & UK Banks Too!/ Wachovia on Deck
o Quant. Edges - 1% Gaps Down Study
Scary about the bank contagion spreading globally... But on a lighter note, gotta love Calculated Risk's line: "Sunday is the new Monday." They are very quick on the news there, often with a well placed comment (though occasionally they'll pick up a rumour as news -- usually identified as such). Highly recommended for at-a-glance updates.
Bad News Bears
Hardly the news flow one would have hoped would have come out along with the plan announcement! There were a number of technical indicators suggesting this week may get off to a poor start here as well. Meanwhile the VIX looks like it is heading back up to 40 territory afterall.