Wednesday, March 19, 2008

Today's Markets

How quickly the markets forget. It was only yesterday when they were thrilled by a .75% basis point rate cut. Today they sold off to levels that existed at the start of trading yesterday. In other words -- the Fed bounce is now gone.

A sell-off after a rally is understandable. Traders want to take profits off the table. But traders kept taking profits off the table for most of the day. That indicates there is a great deal of concern out there.