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Bear Market Rally

March 20, 2008 – Comments (0) | RELATED TICKERS: HCBK.DL , NYCB , AF

Paradoxically, yesterday’s drop in share prices is supportive of the rally we’ve had since the Fed announced its new Term Securities Lending Facility on March 11th.  Share prices were dragged down by Energy and Basic Material instead of Financial or Consumer stocks while the dollar continued to climb. And at the origin of the US dollar bounce, is a ¾ instead of full basis point cut in interest rate accompanied by a stock market rally that reassured international investors that the Fed will not resort to as many interest rate cuts as we previously thought.  [more]

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