Wednesday, October 8, 2008

Global Rate Cut, Market Still Tumbles

As rumored, The Fed cut rates by .5%.

Also, in an unprecedented coordinated move, central banks in England, China, Canada, Sweden and Switzerland and the European Central Bank also cut rates.

The market still closed down close to 200 points.

1600 points chopped off the past 6 days.

All of the talk in the media is of the market crisis. "Historic...unprecedented...First time ever..major recession". Such hyperbole.

Watch for a big market rally tomorrow. IBM announced earnings a week early tonight- they beat Wall Street's forecast by 4 cents.

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