Wednesday, January 16, 2008

Hair of the Dog

GOOG Today: 615.95

The vandals charged the ramparts once again, and GOOG held at 601.93. It certainly deserves an A plus for that!

On Fast Money, the sages advised that a report of GOOG's earnings will be released at the end of this month. That and the Fed meeting are causing tongues to wag, hereabout.

Maybe somebody can explain it to me in a way that I can understand, but I don't see why the Fed is in this thing at all.

Everybody wants the Fed to lower the interest rate - a lot - the more the better, and yet there's a general recognition that no Fed action is going to solve the problem or even help solve it.

It's easy to see why - an interest rate cut is just another nip of the same stuff that got us into this fix in the first place. It'll give the market a buzz for a while and maybe draw a few more rubes into the tent, and the boys in the back will tell them all about the big city.

But that's all.

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