WEDNESDAY JANUARY 23
Black Tuesday Averted – But For How Long?

The Fed’s quick trigger finger is getting judged from all sides today – and depending on who’s ululating the loudest, you may hear any one of the following: that Ben Bernanke is a) behind the curve b) whipped by the market c) terrified or d) doing a masterful job. We at TraderDaily are thoroughly confused. But as Asian markets bounce back this morning, we suspect that, either way, we’ll have a long slog ahead of us before the final chapter is written. Setting aside the impossibly tiresome jawboning about Bernanke, we’re wondering whether disaster averted can honestly be conflated with long-term relief. (We doubt it.) Some tales from the pits about what traders are going through – and whether slashing the cost of borrowed money is truly a tourniquet, or just another temporary band aid.

January 2008

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