Time to celebrate, bulls! After bottoming at a Satanic 666 in 2009, the S&P (by way of the /ES futures) finally reached the Big Round Number of 5,000. Congrats!

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The market had been slowly slipping lower all night until it ripped higher. And why would that be? Because NYCB didn’t go bankrupt. That’s the big news. A bank was supposed to die, but it’s not dead yet. That’s why people are celebrating and pushing stocks from insanely overvalued to super-duper insanely overvalued.
