The Daily Feather — Armageddon vs. Deep Impact

In the spring of 1998, Hollywood decided to release not one, but two, end-of-days blockbusters. Deep Impact hit May 8th, sending hurtling a comet toward Earth that would end all human life. The plot was probable -- the U.S. government tries to keep the crisis under wraps, but crack reporter Jenny Lerner (Tea Leoni) uncovers the truth -- forcing U.S. President Beck (Morgan Freeman) into action. Grizzled astronaut Spurgeon “Fish” Tanner (Robert Duvall) lands his team on the comet and lays explosives, hoping to blow the object off its doomsday course. Crisis averted, by June 30th, adrenaline-junky audiences welcomed Armageddon coming in hot. This time, the fate of the asteroid veering towards Earth was in the hands of NASA honcho Dan Truman (Billy Bob Thornton). In a twist, the plot capitalizes on the fracking craze – a nuclear bomb must be detonated at the asteroid’s drilled-to core. The challenge is accepted by renowned driller Harry Stamper (Bruce Willis) with one stipulation -- he brings along his own hotshot crew. Among them is cocksure A.J. (Ben Affleck), who Harry knows isn’t worthy of his daughter (Liv Tyler), until the mission proves otherwise.

If you haven’t seen one, or the other, or either, we’ve no shame in spoiling the endings, which do differ -- the comet reaches Earth in Deep Impact, while the asteroid is destroyed in Armageddon. While today’s macro bears relate to the former, the last-standing bulls hope the economy can pull out an ending akin to that of the latter.

Yesterday’s Institute for Supply Management (ISM) report buoyed the bullish minority. New Orders rose to a still contractionary 47.2 in April, which bested the 45.0 the consensus penciled and landed two points north of March’s 45.2. Bonds bear-flattened, with short-end yields rising more vis-à-vis their long-end counterparts, rate-cut expectations were cut, and stocks rallied. Was the celebration justified?