taojaxx

More Proof the Bear Rally Is Over

To think that the Fed is powerless is, to say the least, a bold statement. Credit markets are thawing: see JPM & BAC loosening covenants on $2Bn facility to Macy's (no less, consumer discretionary), money market rates nosediving, VIX plummeting. Have we seen the lows? not for me to say, but the crunch sure relaxes some of its grip.
You may remember that stock indices have lost about 50% of their value lately. It takes Armageddon to justify more, and even Armageddon after a while loses its momentum.