Good Old Uncle Sam

Uncle Sam to the rescue.In a preemptive move, the Fed has lowered the discount rate by 3/4 of a point.The largest move, up or down in recent history.

Considering that the futures were trading down over 550 points,this morning, due to irrational  copy cat selling. the Fed move at least diffused a panic day, although at this hour the Dow is still -140’s, but the wild gyrations of an emotional market are now retreating in an orderly manner.

-120 is a victory over the Bear. Let the Asian markets do 1/2  as well.

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