I couldn't help noting that stock futures rose suddenly and sharply last
night immediately during and following the Presidential debate between Mitt Romney
and Barack Obama. What struck me was the odd hour -- between 8 and 10
pm Mountain Time -- that it occurred.
Why is this such an odd
hour? Because at 10 here in Utah, the East coast of the US is already
asleep (midnight), and it is still just 5 am in London, when most
Europeans are still in bed. Both of North America and Europe are still
asleep. Asia is awake, but the market movers in Asia usually occur
earlier in the evening, around 6 pm here.
Thus, market movers at
10 pm are very rare. Perhaps the market was reacting to the perception
that Romney handily won the debate, even in the eyes of left-wing
pundits! Perhaps the market is reacting to the shift in momentum that
this is likely to create in the presidential race, and a likely surge
for Romney in polls!