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Wednesday, October 29, 2008

1.00 Per Cent

The Fed has just cut 50bpts, the Fed funds target rate is now 1%. The market's initial reaction was a drop of about 12 points on the SPX, but as I write it has recovered. Oil is up to 67, and GLD is climbing on the news. However, it usually takes several minutes of volatility before the true reaction of th market sets in.

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