Vote Of No Confidence
Sep 16, 2008

As the plunge protection team goes to work and shotgun deals are trying to be created, the market busts through those closely watched July lows as crash chatter lingers in the background.

The market is clearly sending a message that it doesn't have much confidence in the Fed and the financials. Remember, the ultimate sentiment tell has always been and continues to be the market's perception of the Fed. When that is in doubt, watch out.

Ultimately, we end the day with lots more questions than answers including whether another rate cut would save the market, whether the last minute efforts to save AIG and others will be successful and will put an end to the blood letting on Wall Street, and how all of these actions will directly affect commodities, the U.S. dollar, the U.S. consumer, the housing market, and the economy at large. Rest assure, no one has all of the answers, but we at least know what to look for......[READ]