Wednesday, January 30, 2008

Fed Day

'twas a snorer of a narrow range day yet again right up until 2:15 when the Bernanke rate cut announcement. Some great long moves in the 45 minutes or so after the cut, and then even greater moves on the short side for the last hour of the day. So, where do we go from here. It feels like the expected rate cut was priced in to market by now and there's more down side to come. That's what it feels like at any rate. Though it's not what the trusted pros think. A blog posting on Cnbc by Tom Brennan suggests the bottom is in and it's time to buy. Especially the financials. As his blog states; "The Fed's move was "incredibly positive," Cramer said, adding that "we are basically out of the woods." So, I guess this is less Tom Brennan's opinion but more so of Jim Cramer's. "Financials should be bought," Cramer said."
Maybe we'll get an upside Cramer bounce and see how the bears respond. Which is first, 1250 or 1450??

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