Some days we open the recap by saying "it was generally a quiet day on Wall Street" - today was not one of those days. The action started hot and heavy last night after the so called Plan B by John Boehner failed to muster enough votes by the GOP to pass, sending Congress to an early holiday. The market did not take the news well as it indicated that Boehner did not even have control of his own party. Futures essentially flash crashed dropping some 40+ points in about a minute. Thankfully there is a limit in the overnight session, so the maximum futures can drop are 50 points. Buyers stepped in and about half of those losses were erased very soon. All this happened before 10:30 PM last night. Original post: STTG Market Recap Dec 21, 2012