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- About a 500 point swing in the last half hour–down for a final -74. Oil up big. Gold up pretty big.
- Probably doesn’t make for a great opening tomorrow
- The Fed cut was a yawner and yesterday’s profits too juicy to ignore so profits were taken
- Was reminded of Chinese savings rate today: now at 40%. US? Probably zero.
- But China doesn’t have our Social Security and pension plans-they have to save
- Recent financial upheaval is likely to increase our saving–folks are scared
- And that is likely to reduce consumer spending, once again
- After the Fed action we are now reliant on Corporate earnings for upside, not a great scenario
- I will look for more opportunities in oil names tomorrow.
