In my opinion, this (cutting by 75 bps) was a big mistake. The downward momentum of the markets is too strong now. It’s almost too late.
The Fed should have let the market bleed out today; then do the surprise cut tomorrow morning.
Now, should the sellers grab control, the bulls have no backstop—no put.
A rather precarious situation, if you’re long.
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So if we shit right through this cut.. where are we by weeks end?
It’s coordinated – Ambac announces strategic alternatives being sought, Paulson on TV, 75 bps cut, I bet some other golden shoes to drop for the lemmings.
Would you reload FXP here?
Agree 100%.
With the futures dipping back towards the lows and STILL down 46 there’s a feeling of desperation to the move like I haven’t felt ever.
Like if we don’t bounce now, what then?
Interesting times!
Good luck everyone.
-DT
Shouldn’t this weaken the dollar and drive gold higher? CMO a buy? (Update: sorry, gold PM just spiked)
They had to cut. Simply to dampen the volatility.
Long term the sap’s still going down. And it’s plain gambling to be long.
Prognosis
Black Hack Down
CNBC says to dollar cost average and start buying.
What a joke!
They know people listen to the TV.
FXP+
DUG+
SMN+
dollar down gold up
alias: BPOE
Stagflation unless the GIANTS win!!
Bernanke is a giant vagina and doesn’t know what to do with himself anymore.
Dow -500 by COB and another 1000 by end of week.
Did I just see the loon go downa penny, and up a penny in the last twenty minutes?
Excuse me
Black Hawk down
Fed shot thier load too early. They should have waited intraday to use their limited amount of bullets in the gunfight.
What if they cut again…like tomorrow?
Bank of Canada cuts Benchmark Overnight Lending rate to 4%
alias BPOE
rummers FED will cut more in Jan meeting
GLD 86.12 dwn 1.30
Some stinky turd on CNBC says no recession & we won’t have one. Wonder what planet he’s talking about.
I guess he is looong up his stinky wazoo.
You could see him shaking in boots, filled with poop, as he speaks.
jim cramer is a dick. I think he fly. Poor Brian Westberry
Juice, that’s funny!
Wish I was near a TV!
If you’re short emerging markets & Asia, while we may not be at THE low, they may rally like a skaulded [sic]kat overnight.
unrelated: not covering those Uggly boots
Bring out the frankicense!
Bring on the myrhh!
I think I shall anoint myself with oils this morning, if you know what I mean…
I have thrown a flaming spear into the belly of the tannery that maketh the hideous boots for maidens.
Yes, poor timing by the Fed on the interest rate cut(no surprise). This is a “so what?” reaction today.
The market needs a big positive surprise. A “Costanza Black Swan”.
Oh yeah? Well I have emptied out my quiver of “nucular” thunderbolts and proclaimed this to be “Market Madness Day”.
More vats of wine!
HURC went green and I sold into the strength
This MVIS action is so far overdone, are they going to send it to zero? Come on now there is some value in the company.
I get the feeling this will be the shortest recession ever with gay Ben.
WGOV green
JEC about to close a 10% gap down. Customer of BOOM
These tickers might not be on your radar:
BOOM
JEC
WGOV
HURC
Something to put an eye on. Very low BOOM volume, huge bid ask spread. No sellers with volume.
When the Saudi Prince saved Citibank from insolvency in 1990, Citi stock declined another 40% before bottoming. He ultimately made like 12x his investment in the next 10 years.
With Citi at $20, it will be down about 40% from where Abu Dhabi made its recent investment.
Just saying.
cut, cut, cut…
all my puts left in play, no one is buying into this FED action. CNBC is trying their best to get bull-lemmings back. just to short again.
these crooks who sold bad loans, a house to poor people, stock buy backs to falsify actual value deserve all of this.
I dont know. there is a serious bid under the stocks I watch. Might be short squeeze, only to reload. But im wishing i bot the dip. Im an asshat
Kudos due the Fly and his time machine for his FXP calls.
At the end of the day/wk/mo it doesn’t seem to matter what the Fed does. They’re shooting a BB gun at a charging rhino.
Fed may cut again before Jan 30 meeting. Asshats.
This may have been avoided if they continued to follow thru with cuts two months ago. Now they appear desparate, like joe investor with the 4-figure account who sells at a market bottom.
However, all these cuts mean more inflationary pain later. Catch-22.
I don’t think I will play gold, though. Just staying with the inverse ETFs–a surer bet.
We’ll be down over 600 by 4 pm.
Does Fly have any FXP left? He covered 20k last week….
SKF and SRS were both down at one stage. Many financials are up. Things are not as bad as they seem. I think today is the bottom ( short term). We will probably be quite a bit higher in 4 weeks. I expected things to be a lot worse though the day is still early. And Europe is rallying. Hmmmmmmmm
‘I came to the NYSE expecting a 1000 point drop and all I got was this lousy T-Shirt’
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