Trembling Hand
Can be found on the bid
- Joined
- 10 June 2007
- Posts
- 8,852
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- 205
And we are Off the moon
Breaking news on Bloomberg TV - emergency rate cut of 75bps
LOL
Freakin' amazing.
LOL
Freakin' amazing.
Or not.
Did I stay up for that Fart in Cyclone?
Everything just rolled over again. US, UK, Forex, Metals.
Wayne can you ring up Ben and organise another .75 off in about an hour?
S&P Outlook; Fed Cut Leaves it Up to the Big Players The Fed has cut the fed funds rate by 75 bps - just in time - to be able to go to Davos for some tea and crumpets with a smile. Certainly Big Ben could not have gone to the conference without cutting rates lest he might have been subject to bodily harm.
The bounce up to 1300 for SPH has been sold into and has participants worried that much worse is yet to come. To say that sellers are in control is a laughable understatement, but at least the Fed's action has likely arrested the selling from panicked real money longs. That leaves the big specs as the only real sellers and in looking at the levels we wonder who wants to short the indices here. Indeed SPH is nearing the 2006 low of 1219, while the July 2006 low is at 1231. The big question is where are the big real money players - the mutual funds etc which do have tons of cash but no confidence right now. They have a score to settle with the aggressive hedge fund shorts who are now very, very short.
Now what will they do at the meeting scheduled ?
The Fed just winced and blinked . Total stuff up , that cut should have come on Thursday or Friday last week , watching the futures retrace now .
Well at least they flattened one curve , albiet the two year .
The spikes will be sold off with all likelihood , cuts don't make up for credibility lost , not when there held back for a touch of icing , we just seen a novice and an apprentice stumble .
interesting little story just popped up upon mine screen... make of it what you will
Cheers
.........Kauri
we just seen a novice and an apprentice stumble .
On leaving high school in 1972 he enrolled at Harvard College, where he spent his undergraduate years in Winthrop House and graduated summa cum laude with a B.A. in economics in 1975. He received a PhD in economics from the Massachusetts Institute of Technology in 1979. He taught at the Stanford Graduate School of Business from 1979 until 1985, was a visiting professor at New York University and went on to become a tenured professor at Princeton University in the Department of Economics. He chaired that department from 1996 until September 2002, when he went on public service leave. He resigned his position at Princeton July 1, 2005
Not a bad sum up of where we are at.
I'm amazed at the amount of people that think the 75bps emergency intermeeting cut is a good signal . It smacks of desperation to me and the Fed just choked at the wicket . Bring on Poole for the next Fed Head .
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