The Dow Jones Industrial Average is rallying in anticipation of a rate cut at next weeks FOMC meeting. It is doubtful whether providing banks with cheap money will encourage them to resume lending in a market with falling asset prices, but it may improve their ability to carry non-performing assets rather than being forced to sell at fire-sale prices.
Probability of a bear market remains high: at least 2 to 1. Current activity resembles a market top, with failed upward/downward breakouts accompanied by heavy volume.
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Last
26,683 |
Change
82.730(0.31%) |
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