Oil rebounds as the Fed cuts a key interest rate and Wall Street rallies (Oil-Prices)
NEW YORK _ Oil prices bounded higher Tuesday after the U.S. Federal Reserve cut interest rates three-quarters of a percentage point and a rally on Wall Street raised energy investors` hopes for the U.S. economy.Retail gas prices, meanwhile, slipped slightly for the second day in a row, while diesel prices rose further above US$4 a gallon.Oil was already higher, drawing support from the stock market`s gains, when the Fed said it was lowering its key federal funds rate as it tries to stave off a s read
goes to $1.60+ very fast then the confirmation gets heavily sold within days or hours. 33% chance of Euro down today, possibly hard down. tap,tap...tap,tap.. Update: Well it was a 75bp cut read
ESRX from the WL is good for C&H patterns lately. This is not a perfect C&H because the handle forms above the base of the rim and the volume pattern is not great, but the IB followed by the NRB was too good to pass up. I took a partial when the third BO bar closed just under the 100% Fib extension from the low of the cup to the base of the handle. I closed the balance as price tagged the blue resistance line. ESRX did not lose its composure after the Fed rate cut. It was orderly and s read
The Federal Reserve Open Market Committee today announced a rate cut of 75 basis points to 2-1/4 percent. The Fed says: Recent information indicates that the outlook for economic activity has weakened further. Growth in consumer spending has slowed and labor markets have softened. Financial markets remain under considerable stress, and the tightening of credit conditions and the deepening of the housing contraction are likely to weigh on economic growth over the next few quarters. Inflation has read
I know they cut 75 basis points at today's meeting, but the 400+ point gain in the Dow probably isn't in reaction to more rate cuts. Many people have made the argument, myself included, that rate cuts are not the magic anecdote for our economic problems. Sure they're nice, but the structural issues we are dealing with cannot be solved by simply lowering the Fed Funds rate.Recent steps by the Fed show that they realize they can and need to do more to help. Things like opening the discount window read