SCOREBOARD: Dead cat bounce?

Barack Obama's confidence on a fiscal cliff deal sent offshore markets soaring overnight, but is it all politicking?

Great. Obama says a deal will be reached on the fiscal cliff and bam – risk on! He’s not even in the US. He's travelling around South East Asia and off he goes saying everything will be alright. I mean it will of course, but it’s increasingly looking like markets aren’t going to tank and this may require a significant change of tactics.

Of course this could be the old one-two – false hope followed by the smack down. But how are we to know? This is why I don’t like politics driving markets – it’s just so arbitrary. He said, she said, RORO.

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