iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
20,422 Blog Posts

Fed Unloads Its Clip with Emergency 75 bps Cut

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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37 comments

  1. EveryonesDad

    So if we shit right through this cut.. where are we by weeks end?

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  2. BOOMER

    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?

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  3. Dinosaur Trader

    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

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  4. Ian

    Shouldn’t this weaken the dollar and drive gold higher? CMO a buy? (Update: sorry, gold PM just spiked)

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  5. Wimpy

    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.

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  6. pablodpt

    Prognosis

    Black Hack Down

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  7. jeff

    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

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  8. larry

    alias: BPOE
    Stagflation unless the GIANTS win!!

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  9. Wyatt

    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.

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  10. calvino

    Did I just see the loon go downa penny, and up a penny in the last twenty minutes?

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  11. pablodpt

    Excuse me

    Black Hawk down

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  12. Green Writer

    Fed shot thier load too early. They should have waited intraday to use their limited amount of bullets in the gunfight.

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  13. BOOMER

    What if they cut again…like tomorrow?

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  14. broken A

    Bank of Canada cuts Benchmark Overnight Lending rate to 4%

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  15. larry

    alias BPOE

    rummers FED will cut more in Jan meeting

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  16. Employee8

    GLD 86.12 dwn 1.30

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  17. Juice

    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.

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  18. kd

    jim cramer is a dick. I think he fly. Poor Brian Westberry

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  19. Woodshedder

    Juice, that’s funny!

    Wish I was near a TV!

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  20. Juice

    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

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  21. Shorticus, Demigod of Financia
    Shorticus, Demigod of Financia

    Bring out the frankicense!

    Bring on the myrhh!

    I think I shall anoint myself with oils this morning, if you know what I mean…

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  22. Shorticus, Demigod of Financia
    Shorticus, Demigod of Financia

    I have thrown a flaming spear into the belly of the tannery that maketh the hideous boots for maidens.

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  23. alphadawgg

    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”.

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  24. Bearonidus, Son of Shorticus
    Bearonidus, Son of Shorticus

    Oh yeah? Well I have emptied out my quiver of “nucular” thunderbolts and proclaimed this to be “Market Madness Day”.

    More vats of wine!

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  25. BOOMER

    HURC went green and I sold into the strength

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  26. gappingandyapping
    gappingandyapping

    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.

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  27. BOOMER

    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.

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  28. Pudfucker

    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.

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  29. gmac

    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.

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  30. BOOMER

    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

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  31. nowhere to run

    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.

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  32. alphadawgg

    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.

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  33. Juju bear

    We’ll be down over 600 by 4 pm.

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  34. JakeGint

    Does Fly have any FXP left? He covered 20k last week….

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  35. CAP

    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

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  36. CAP

    ‘I came to the NYSE expecting a 1000 point drop and all I got was this lousy T-Shirt’

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  37. Lin

    I love commenting different articles and information. To be honest with you, it’s my hobby. And, by the way commenting different stuff on this web site is one of my favorite things to do in free time. I like to express my mind, and when I realize that I’m wrong, I correct my mistakes. Thank you for a possibility to express myself! I really enjoy it!

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