The rate cut was for wallstreet, if he did not cut by 50bp on Sept 18th the stocks would have been off another 5%+ right now, the rate cut was for wallstreet and nothing else. The revised August numbers should clearly paint a picture that there is not going to be a rate cut at the next meeting. No rate cut and the greedy will cry. Imagine if there was another loss of 5000 or 10000 jobs, the dow would be up probably 200-300 points on anticipation of another 50-75BP cut.
Its all rigged, just go long buy the dips you will never loose, forget stops, they just make you look like a fool.
In my opine...the Fed was quite careless... I know it's been said, over and over, moral hazard, etc... But ISM isn't below 50...and though the trend is clear, I think they absolutely reacted too quickly... Where were the rate hikes when were creating jobs over the last 2 years? One month of bad data, and the Fed, lacking transparency (which is what really scares me), kneejerks... Just silly... This will all end very badly...
Ten year yield up 3% today, consumers are going to get the shaft. While wallstreet gets the cheep discount rates hehehehe.
Sure it worked, have you seen Goldman Sachs stock since the cut, just about back to the old high. Wow the treasury secretary a major stock holder in Goldman in charge of the nations money. T