ES -- DX/CL -- isee -- cboe put/call -- specialist/public short ratio -- trinq -- trin -- aaii bull ratio -- abx -- cmbx -- cdx -- vxo p&f -- SPX volatility curve -- VIX:VXO skew -- commodity screen -- cot -- conference board

Wednesday, October 31, 2007


fed cuts another 25bps

against some expectations -- in the face of record-high oil prices, stocks, commodities and precious metals, in the face of a positive third-quarter gdp report -- the federal reserve cut rates, both fed funds and discount, for the second consecutive meeting, this time by 25bps each. but the vote was not unanimous, a rarity, the single dissenter favoring no change. there was also a change in statement, intended (it is thought) to imply that further cuts are not now planned.

the fed notes that the economy is likely to slow thanks to intensifying pressures from housing. it should also be noted that durable goods orders are in decline and that third-quarter profits are looking to have fallen year-over-year for the first time since the last recession.

UPDATE: the stock market, of course, after a stagger, has rallied like it was the end of the second world war, the first world war and the napoleonic wars all at once -- with jesus christ himself returning to earth to boot. i obviously can make absolutely no sense of it, but it reeks powerfully.

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no, Jesus would be bad for business.

I'm telling you, gm, Marquis kicks Gibby's ass, makes Seaver look like a pussy and turns Marichal into his bitch. then he goes out and buys financials. perrone

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