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Gold/Mining/Energy : Daytrading Canadian stocks in Realtime
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To: Nick Morvay who wrote (50970)6/27/2001 2:45:31 PM
From: Vitalsigns  Read Replies (5) of 62348
 
Why do I get the distinct feeling that the selloff on the Fed announcement is over blown?

The Fed did what I expected they would do, a 50 Basis point cut would have been too much. The economic numbers coming out are looking better and that is 6 months after the first cut. So expectations are that the following months should also see signs of improvement.

In the grand scheme of things, Today Fed announcement had very little impact on the near future. Most of the rate cuts have been initiated and today was just a continuation of that process. I find it hard to believe that all that buying over the last few days was strictly Fed cut announcement buying. There are more to the under tones of this market that have yet to surface.

Wouldn't be surprised to se it lift up again over the next week.

Vitalsigns
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