The market seems to be selling-off on the back of limited bad news imo, apart from the dollar that is.

If you can hold your nerve and apart from any short term requirements to offload poor performing stocks, I have a couple!!, my advice would be sit tight. This does not have the feel of the tech(mining!) bubble at all. Difference being there are a lot of good fundamentals, unlike in 2000 when there were a lot of over rated nothing companies.

bought 2 lots this morning at about 2840 and scared myself shitless for a little while ...... sold one lot to bank on basis that the other now more or less runs for free in a funny way

Well done if you got it for 2840!

Good point ,,cynic you must be looking in the back pages of Country Life for your next house .

whew! talk about waving a magic wand. I need to be mates with this man FED.

sorry to admit, but ours would prob not go in there, as unlikely to hit the open market ...... we were sort of lucky to buy this partially old about 20 years, at what we thought was top dollar, but in a very good location ..... would now fetch (not worth!) comparatively silly money

Why on earth would the Fed reduce after a comparativley small market retracement?

Hmmm.

something nasty in the woodwork?

it's exactly that that is the worry, and will a 50 point cut actuallysolve the prob as far as the market is concerned while the errant banks patch and make good.

wonder if BoE will follow suit at all

Damned if I can think of anything to be honest, md. After all, they've been talking rates anywhere but down recently and they're always so careful on wording, etc.

There's a mild whiff! ;-)))

Doubt BoE will follow suit, cynic. UK not in as much turmoil as US IMO and they've not really delved into propping up the credit markets this week as far as I'm aware. They are about the only ones who haven't!

"Damned if I can think of anything to be honest" ...... so your guise as an honest broker or similar has now been blown!

Its not a full half % cut, only for banks and financials to borrow... not sure of correct terminology

NEW YORK (CNNMoney.com) -- The Federal Reserve, reacting to concerns about the subprime lending crisis and the volatility in the financial markets that have resulted from it, announced Friday that it is cutting its so-called discount rate temporarily by a half percentage point, to 5.75 percent.

The discount rate is the rate the Federal Reserve banks across the country charge qualified lenders - mainly banks - for temporary loans. It is largely symbolic.

The central bank did not change its more closely watched federal funds rate, which affects rates that consumers pay on various types of loans. That rate remains at 5.25 percent.

here you are ......

"The Federal Reserve, reacting to concerns about the subprime lending crisis and the volatility in the financial markets that have resulted from it, announced Friday that it is cutting its so-called discount rate temporarily by a half percentage point, to 5.75 percent.

The discount rate is the rate the Federal Reserve banks across the country charge qualified lenders - mainly banks - for temporary loans. It is largely symbolic.

The central bank did not change its more closely watched federal funds rate, which affects rates that consumers pay on various types of loans. That rate remains at 5.25 percent.

Indeed, cynic. ;-)

here it is...

"The Federal Reserve, reacting to concerns about the subprime lending crisis and the volatility in the financial markets that have resulted from it, announced Friday that it is cutting its so-called discount rate temporarily by a half percentage point, to 5.75 percent.

The discount rate is the rate the Federal Reserve banks across the country charge qualified lenders - mainly banks - for temporary loans. It is largely symbolic.

The central bank did not change its more closely watched federal funds rate, which affects rates that consumers pay on various types of loans. That rate remains at 5.25 percent.

lol

Not sure what all this means - however, there is something more than meets the eye (thought I'd re-state the obvious).

The shares that spiked on the news have shed their gains as we speak (e.g PRTY), and those that did no immediately react are showing some SOLID (?) gains (e.g CFM). (the two I have been watching 2day). An-one read into this or is it just a coincidence?

i got there first ....... nanananana!

PRTY and shares of similar ilk, are basically or at least generally total rubbish, so those buying will be looking at quality stuff that has been unreasonably bashed - e.g. ICI - or the banks, whome this move by the Fed will directly impact.

that said, there may well be some short term moves (as in SOLA) where bears are being squeezed