All the selling, the asset destruction, the bone-chillling worry about our “credit rating” is percieved to be over, done, finished with a raucous sell the rumor/buy the fact, one hour rally.
The FED’s helicopter came out and guaranteed that interest rates will “Go Japanese”. Few believed that interest rates would or could much lower, especially because of S&P, but now it is clear that we should all be ready for a 2.5% mortgage, if you qualify.
We have made back a perfect .68% of yesterday’s historic drop and the average stock ramped between 5-15%. It was wild day, traversing almost 1000 Dow points counting all the intra-day swings.
Even though prices are much lower than where we were two weeks ago, the fear of going to zero has come off the table. The Wall Street Complex wins again!
Just remember, equities reflect the true measure of a companies worth on a day to day basis! NOT
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