Market Watch: Open Thread—Dow hit -430, now at -388 UPDATE: Back to -433
posted at 12:49 pm on September 22, 2011 by Rovin
The folks at CNBC are in full tilt spin mode. Some “experts” are advising to “take the cash, and get on the sidelines”. Others are trying to decide if we’re in a depression or just a double-dipper recession.
Stand by for updates………
UPDATE: CNBC (online) HEADLINE:
The Fed unveiled the much anticipated “Operation Twist” program in an effort to drive down rates. The program got a lukewarm reception even though the Fed surprised markets with a plan to also buy mortgage securities.
The Fed intends to swap $400 billion in shorter dated Treasurys for the same amount in the 6-year to 30-year range. For the most part, traders worry the “twist” will do little to help the struggling economy.
“The Fed will have to go on a publicity tour over the next few weeks, coming out and stating what is the metric by which they will judge this as a success or failure,” said Kevin Ferry of Cronus Futures.
NASDAQ FLASH PRICE—- -66.66
A “market investor”/ guest on CNBC just said “Bernanke could have raised interest rates in small margins 2-3-4-5 times now, just had Australia, and some other European countries had done—-now he’s in a box, and the printing press is jammed.” (paraphrased)
The guest went on to say that this is a global market with global conditions and the U.S. Federal Reserve, (and any government entity), should get out of the business of trying to “fix the markets”. I tend to agree with this assessment.
UPDATE (3): 11:45 am (pacific) 2:45 EST and the Dow’s now at -405 Lunchtime for us “west-coasters”. Most of the folks at CNBC still can’t tell investors where to put their money while they’re all holding their collective breath.