Fed orders emergency rate cut to 1.5 percent

[schweicks88]

The futures and market rally are just PPT manipulation following the rate cut.

At 6am the market Dow futures were -300

This is all market games. It will be back to tanking tomorrow.

I agree, pre-market dow was up like 250 points going into yesterday and look how it ended up

 

[FindLiberty]

So, we're at 1.5%.

How long before the Fed starts paying interest to the banks for loaning them money?

May as well go ahead and lower it to –1.5%

exactly!

 

[ryanduff]

The futures and market rally are just PPT manipulation following the rate cut.

At 6am the market Dow futures were -300

This is all market games. It will be back to tanking tomorrow.

My thoughts exactly. I had a feeling it was all artificial when I saw the market futures jump from -300 to +100 in a few minutes following the rate cut. I have a feeling the market will drop quite a bit today. If we don't reach circuit breaker levels today, we probably will Thursday or Friday.

http://fourwinds10.com/siterun_data/government/banking_and_taxation_irs_and_insurance/social_security/news.php?q=1223248916

NEW YORK , September 30, 2008 -- The New York Stock Exchange will implement new circuit-breaker collar trigger levels for fourth-quarter 2008 effective Wednesday, October 1, 2008.

Circuit-breaker points represent the thresholds at which trading is halted marketwide for single-day declines in the Dow Jones Industrial Average (DJIA). Circuit-breaker levels are set quarterly as 10, 20 and 30-percent of the DJIA average closing values of the previous month, rounded to the nearest 50 points.

In fourth-quarter 2008, the 10, 20 and 30-percent decline levels, respectively, in the DJIA will be as follows:

Level 1 Halt

A 1,100-point drop in the DJIA before 2 p.m. will halt trading for one hour; for 30 minutes if between 2 p.m. and 2:30 p.m.; and have no effect if at 2:30 p.m. or later unless there is a level 2 halt.

Level 2 Halt

A 2,200-point drop in the DJIA before 1:00 p.m. will halt trading for two hours; for one hour if between 1:00 p.m. and 2:00 p.m.; and for the remainder of the day if at 2:00 p.m. or later.

Level 3 Halt

A 3,350-point drop will halt trading for the remainder of the day regardless of when the decline occurs.

Background:

Circuit-breakers are calculated quarterly. The percentage levels were first implemented in April 1998 and are adjusted on the first trading day of each quarter. In 2008, those dates are Jan. 2, April 1, July 1 and Oct. 1.

 

[rockandrollsouls]

I agree, pre-market dow was up like 250 points going into yesterday and look how it ended up

I don't deny it, but if the market manages to pop its head up for air, you still know its drowning. Why not cash out?

Of course, I'd prefer that the market be allowed to work itself out....I'd give up all the money I've made thus far if that could be the case.

 

[RonPaulCentral]

I don't deny it, but if the market manages to pop its head up for air, you still know its drowning. Why not cash out?

Of course, I'd prefer that the market be allowed to work itself out....I'd give up all the money I've made thus far if that could be the case.

You just might get your wish sir.

 

[rockandrollsouls]

You just might get your wish sir.

If you are inferring that I wish the market drown, you are mistaken.

 

[RonPaulCentral]

If you are inferring that I wish the market drown, you are mistaken.

No I followed what you were saying. I am saying that is very well might work out that way.

 

[rockandrollsouls]

No I followed what you were saying. I am saying that is very well might work out that way.

Lord knows what will happen

 

[ShowMeLiberty]

I'm really beginning to think Bernanke is mentally retarded.