Fed Cuts Rate Pre-Open, Too Bad...
I mean, this would have been nicer if we had a chance to get long on the day first!
Anyway, the futures went from being down to shooting higher. Check the 5-minute.
The Dow is set to open up over 250 points.
This may make trading very difficult today. I mean, we'll just have to see how stocks open. My only overnight long is 200 shares of UBB. Sigh...
Great waves this morning.
UPDATE: Art Cashin (one of the only voices of reason) on CNBC has this to say about the rate cut and the ensuing market action.
"It's a massive short-covering rally. It's unusual that they chose to cut the "discount window rate" instead of the Fed Funds rate but they're saying, 'look we're on top of this' and it shows they may do more down the road. Meanwhile, Art says that the Yen is still critical and that he's watching it closely.
When asked by Joe Kernan, Art said an "intermediate term low" was reached in the market yesterday but said he didn't think it was the final capitulation.
2 comments:
DT,
Is there enough light for surfing so early in the morning? Do you surf year round?
artha,
I pick up my friend between 5 and 5:30. by the time we drive out to the break, it's light out.
I surfed when I was younger and just picked it up again in the last 2 months. I think I'll probably surf into November or so. I'll have to see how I handle the cold.
_DT
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